Grand City Properties - Lack of Trigger - Positioning

We have further adjusted our position post the Q4 numbers, building on our previous analysis. The Company continues to perform slightly better than our model, confirming our view of stability returning to the Grand City Properties and the sector in general. The stability of the operational data enables us to examine in greater detail the options available to the Company to drive additional shareholder value. Analysing these options, and the probability of execution has informed our investment thesis, enabling us to reposition our exposure to Grand City Properties.