It hinges on the banks agreeing to roll over the debt. There is enormous long term value in these properties. If I was a bank (which I'm not), you would want to be part of this package - rent will always be paid, otherwise the leases default to the landlord - win/win.
If and when they can announce an agreement to this it should then be priced at NTA at least, which we should find out in the end of year accounts. There might be some write downs to come yet.
Right now it is still a very spec buy on the uncertainty with bankers, but they have some time to sort this out.
Happy to hold.
HLG Price at posting:
34.0¢ Sentiment: None Disclosure: Held
