Grand City Properties - Changing Tack - Positioning

While maintaining our previous analysis, we have slightly shifted our focus away from liquidity towards management's efforts to drive equity value. Liquidity is no longer the main concern, and post recent debt issuance the Company now enjoys additional breathing room to deliver on other targets. Following the recent rally across the board, we have re-evaluated our positions in both AroundTown and Grand City Properties especially given the change in creditor focus.