Macquarie Leisure Trust Group (MLE) Strong demand for its shares prompted Macquarie Leisure Trust Group to increase the size of its security purchase plan from $18 million to $25 million last week. The initial plan was oversubscribed and about 62 per cent of shareholders participated. Management said they decided to capitalise on the strong demand in order to take advantage of two opportunities to develop new AMF Bowling facilities in the Australian market. Macquarie Leisure invests in leisure and entertainment real estate and owns assets including AMF Bowling centres and the Dreamworld and White Water World amusement parks in Queensland. On Monday, the Trust announced independent valuations had been completed across the property portfolio as at June 30, with its flagship Australian assets being written down by 11.7 per cent and its US assets being written down by 17 per cent. Overall, net tangible assets decreased 9 per cent to $620 million at June 30. Preceding the valuation update, both Goldman Sachs JBWere and UBS had "buy" recommendations on the stock. GJSBW reiterated its rating on Monday, stating "several of the clouds hanging over the stock have been addressed by the recent equity raising and internalisation plans". In June, Macquarie Leisure reached an agreement with Macquarie Group to internalise management in a move designed to realign the interests of investors and management, and reposition the company for its next growth phase. The decision will be put to shareholder vote on August 27. The trust also unveiled a $41.7 million equity raising, to reduce debt and create more headroom for its banking covenants. UBS expects management to remain upbeat at the upcoming result and post credible core earnings of about $45 million. The broker values the stock at $1.60 and notes it is trading at a 12 per cent discount to the S&