Parent Capital Corp V.PAR.H

So, when we subtract all of the debt against the properties

[stockeditor]

including the debentures, we wind up with an equity value of $149MM, which represents a per unit equity value of $5.70. Given that the implied cap rate is a conservative 6.8%, I would think that the units should be selling for something much closer to $5.70, even after a 20% discount we are talking about $4.60 which is $1.00 more than today's closing price. The bottom line is that we need more volume, there is to much manipulation when volumes are insignificant. I do think if this is sold to a pension fund that they could receive $6.00 plus for the units, a 6% cap rate would increase the price to $6.33. We will see what Moray will do next, he could have as much as $2.00/share profit on his holdings. We will see M&A pretty soon. The other thing is the pick up on the refinancing of the debentures, if the portfolio is not sold in 2015, this could amount to as mush as $1.6MM in cash flow. There are a lot options open to the REIT it will be up to the trustees to make the final decision. The REIT is finally cleaned up, and from here on we should be moving up. GLTL