takeover target, page-9

Disagree entirely with your thoughts on PTN.

De-value the PTN's property holdings by 20% and you get approximately $60 million Net Assets. Their market capitalisation reflects this.

Note that they have close to half a billion dollars owing to lenders and a further half a billion dollars owing to residents.

They don't earn enough from their core business to pay for operating expenses and interest costs. They have been paying distributions from borrowed funds and have finally decided in their wisdom to to stop the distributions.

They can't sell property at the moment. They make reference to a "book value" of $80 million for their leased aged care facilities. In this economic climate "book value" is just that, normally nowhere near enough realiseable.

What an absolute joke that they are able to re-value their properties to the upside in this current property market. Nevermind that they purchased at the top of the property cycle.

Their ridiculous attempt to take over BBC was in my opinion an attempt to save PTN.

Is there anything good about this company?

Manageemnt is bleeding this company dry. A takeover by some other property trust would be their only saving grace.