3:00AM New York, 7:00PM Sydney – Colombian mine workers return after a strike at BHP nickel mine. Allco Group confirmed debt extension.

Market Sentiments

ASX 200 index gained 0.1% or 5.5 to close at 5,361.20.

The Preliminary market turnover was 1.29 billion shares worth $4.72 billion, with 517 stock up, 639 down and 323 unchanged. The most traded stock was Junior explorer Admiralty Resources with 42.51 million shares worth $8.11 million.

Market Driver

Allco Group managed, Rubicon Japan Trust today said that National Australia Bank Ltd has confirmed the extension of a $60 million loan facility to April 30, 2009.

The extension was on condition that the property trust meets a series of conditions, including selling off assets to reduce the loan over the coming year. Rubicon revealed it was still negotiating on loan in Japanese yen to Shinsei and Credit Suisse.

Rubicon in a press release noted, ""As foreshadowed in the RJT accounts for the year ended 31 December 2007, 4.9 billion yen is required to be repaid to Shinsei on May 6th, 2008 and 0.7 billion yen is required to be repaid to Credit Suisse on May 1, 2008.

Should both the required debt repayment dates of JPY4.9bn due to Shinsei on 6 May 2008 and JPY0.7bn due to Credit Suisse on 1 May 2008 not be extended, this would lead to an event of default.

Shinsei and Credit Suisse have been requested to extend their repayment dates to allow sufficient time for an orderly completion of the asset sales program.”

NAB had provided a revolving $60 million loan facility to RJT, which is secured by equity interests worth approximately $400 million. Two weeks ago, Rubicon Asset Management, which was bought by Allco last year, said it had cancelled a five cent per unit interim distribution due to be paid in order to help meet a $18.8 million margin call from NAB.

Units in RJT, whose portfolio of 22 properties was worth $1.18 billion at December 31, surged 11.1% after the news broke out and NAB fell 3.4%. Commonwealth Bank rose 0.7%, ANZ fell 0.6% and Westpac shed 1.5%. St George added 0.2% after announcing that director John Curtis became the bank''s chairman today.

Gainers and losers

Of the ASX 200 index stocks, Sundance Resource led the gainers with a rise of 14% followed by increases in ABC Learning of 13.2%, in Emeco Holdings L of 11.8%, in Challenger Finance of 10.4% and in Sunland Group of 7.3%.

Of the ASX 200 index stocks, Roc Oil Company led the decliners with a fall of 13.8% followed by losses in Allco Finance Group of 9.5%, in Mincor Resources of 5.6%, in AWB Ltd of 5.5% and in Zinifex Ltd of 4.9%.

Just''s chairman turns down Premier''s offer

Just Group Ltd''s chairman, Dr Ian Pollard today rebuffed offers to join the board of Solomon Lew''s Premier Investments Ltd if it''s $900 million takeover bid for just succeeds.

Just Group said Dr Pollard had indicated that he does not intend to join Premier''s board in the interest of preserving the independence of Just Group''s process for reviewing Premier''s offer.

Just Group reiterated its advice to shareholders to take no action to the offer, saying it would issue its formal response and recommendation after it received the offer documents.

Just Group also disclosed that adjusted earnings per share for the first half of fiscal 2008 were up 19.6%.