Valad teeters on the brink of obsolescence. The stock has fallen 90% this year and has the smell of death about it. If the instos are angry with GPT they are fuming from the nostrils over Valad.

Despite the disgraceful operating performance executives have opted to take cash instead of stock as their bonus and the AGM in Sydney this Friday is shaping to be a real stinker. 
 
For the entire REIT sector, now is the time for capital raisings. Though their cost of capital has rocketed with the decline in their unit prices, many have no option but to go to market. They are protected to a degree by the moratorium on short selling. Deemed as financials under the contentious ban on shorts, their protection has now been extended to late Jannuary, so watch for the rash of issues.