And big volumes over the last few days, and especially today.GPM...

And big volumes over the last few days, and especially today.

GPM have nicely repaid debt by selling investments and by profitably selling down inventory.

With a 2009/10 20% gross margin on low cost housing, they've proven they can run very profitably with the new business model.

They have reached the end of the inventory sell-down phase. It's now time to ensure the pipeline remains full. They will apply cash from retained earnings, the net proceeds from the remaining $30m of investment buildings, and increase the MOF facility by $20m. There is a delay though. No new investment building sales have been announced. That in turn may be delaying overall financing. A moderate equity raising is a possibility imo.

The seller will accept down to 20c, and has driven the price down. Not yet known who this is, but I have a suspicion.

Anyway, I topped up. Strong profitability over 4 cps and the June NTA of 37c provides a good buffer for me.