Thanks for sharing the article, really just copying the letter...

Thanks for sharing the article, really just copying the letter from Tanara. Break it up now. I tried searching for investor centre (without using the search function) on their main page and sub page and it's very difficult to fine. its is symptomatic of a company that just does not care about investors. This is what is going to happen:
1. nothing - unlikely
2. big super buys the australian business or the build to rent business and gives them capital and distracts things for a while and they go down even lower as they will still be burdened with the international business
3. break up via a demgerger - the best idea in my view but ceo and board will need to take pay cuts, so unless the ceo is a really good salesman, the institutional investors who are clearly and rightly very upset with the capital destruction on display should happen
4. trade sale of the international business - good luck with that one in this market, who would buy it?
5. complete takeover by private equity - possible, about 15% chance

either way, the demerger train is underway in my view, could be interesting couple of years. fully supportive of wylie, he is so on the mark with his letter.