Still a bit of headwind to negotiate with $110m to be paid off...

Still a bit of headwind to negotiate with $110m to be paid off debt by June 30 next year.

The ann said they already have $20m and the sale of the mgement rights to PTN is a shoo-in @ $40m to $45m.

That leaves some $50m to $60m to find from non-core assets.
Hope they can do so without having to give them away.

I'm assuming that LLC are been flexible with the note repayments.

I agree with PViews...no "lolly" coming from this one in 09/10 (and maybe 10/11) as surplus cash will be used to pay down debt and notes.

That means we need to see a steady share growth of 15% to 20% or so to compensate.

As the SP is now 20c...I'd need it to be @ 25c by 30/6/10 and say 30c by 6/11 to consider I have kept up with the market and what's available elsewhere.

When compared to today's NTA (after notes) of around 35c...that's not too much of an ask of management, surely.

09/10 for the market to sink slightly and then consolidate solidly in 2H.

Then 10/11 for a rebound as the demographics of the baby-boomers begin to kick in more.

Being a "toy" of LLC's is a bit of a concern...but like most things, the flip side is pretty appealing in the form of financial and development expertise and support.

Now that we have the green light on the financial covenants, I think I'll put the bonoculars down on this one and just review monthly.