Announcement out on MCW today. See MCW thread for full details. Noted accumulation over last few weeks. Brought and held and saw my sell order was hit today for 60c. Very pleased and a good short term trade.
Also still holding core from March lows and now waiting for $1+.
Will accumulate and trade more on any further weakness.
For short term holders may be a good day to consider selling today especially if dow does pull back on profit taking next week. I like to sell on the surges and today has been one of the best ever!
MCW now looks set to bed down its debt worries which has been the main reason for bargain prices opening up this year.
Extract follows:
"Summary of Trust operating metrics On completion of the entire transaction, the Trust’s operating metrics (based on current asset valuations and foreign exchange rates) are anticipated to change as follows: • Balance sheet gearing of approximately 36% • Elimination of A$1.38 billion of scheduled US$CMBS debt maturities • Net tangible worth covenant reduced to A$1.0 billion from the existing covenant of A$1.5 billion • Portfolio geographic exposure forecast to be 51% Australia and New Zealand, 23% in the US and 26% in Europe • Trust earnings and net asset backing to reduce progressively upon completion of the phased transaction Global investment strategy realigned Macquarie CountryWide’s Chief Executive Officer, Mr Steven Sewell said: “Over the past 18 months the Trust’s unit price has reflected investor preference for lower gearing levels and a reduced exposure to offshore real estate and foreign currency. “The Trust has taken a series of decisive steps to enhance its balance sheet, mitigate or eliminate refinancing risk, re-weight the portfolio back to the domestic market and bridge... "
MCW Price at posting:
57.5¢ Sentiment: Hold Disclosure: Held
