UBS doing some selling recentlyQuote below taken from The...

UBS doing some selling recently

Quote below taken from The Australian which includes LAST THURSDAY new CEO Collass dismissing suggestions Mirvac may embark on a capital raising. Now a trading halt pending certain initiatives. If this involves a capital raising his credibility is shot and it will be little wonder the whole Aussie REIT sector is untrusted and without friends. A littany of broken promises, earnings and dividend forecasts, suprise raisings all communicated to the market after insiders have sold down. I hope for holders a capital raising is not being contemplated.

goodluck

" Managing director Nick Collishaw confirmed that last Thursday redundancies were made nationally across various arms of the business, including development, funds management and investment management.

Of the retrenchments, 60 were Sydney-based positions.

Mr Collishaw said the cuts were the result of a sweeping review of Mirvac's processes and business, flagged two months ago when the firm announced it wanted to reduce costs by $20million.

He said further cost-cutting measures were planned in the months ahead, but would not comment on what measures would be taken.

The current financial turmoil had been part of the reason for the staff reductions, but it was also as a result of looking at ways to make the company more effective, he said. "It is a cyclical business," he said.

Mr Collishaw dismissed suggestions Mirvac may embark on a capital raising, despite moves by other property companies to do so in a quest to drive down debt levels.

"We are pretty comfortable on the position we have," he said. "We have our debt facilities under control."

http://www.theaustralian.news.com.au/business/story/0,28124,24572719-25658,00.html