Lenny, I can't recall the minimum application amount but as an...

Lenny, I can't recall the minimum application amount but as an existing shareholder you'll receive a priority in the offer, which is worth something because my guess is that there'll be very little stock, if any, in the public pool, in that I'm sure these bonds will be well bid and eagerly sought after by investors.

Peet is an asset-backed stock (residential land) and while the share price might move around, the value is fairly constant and the shares are currently trading at or close to NTA, and with gearing limited to I think 40% from memory, so not much can go wrong with these notes, in my view.