first post today...very excited, page-8

I don't think the market reaction had much to do with the announcement regarding the dates for the YE results. We had an idea this would be around Aug 28/9 anyway.

The statement by Simon Rooney on Friday would have been enough to lift the market but the reason for the jump yesterday (and the pickup this morning, although the Dow has dampened this somewhat) was the market belief that something other than the sale of CAWF assets is underway. I tried to (subtly) post this yesterday afternoon by asking why someone would pay $1.2bn for 4 properties (100% interest in one and 50% interest in 3) when there was a much cheaper way of obtaining them. In keeping with HC Code of Conduct rule 2, I would highlight that it is only market speculation (not mine) and should be treated as such.

On the plus side of a 'bigger play' is the economic argument, the size and reach of the party involved, the relationship they have with Centro and the fact that (let's face it) we're distressed sellers. Additionally, GR did say that Centro had received indicative proposals which were being reviewed. On the downside there three major hurdles to overcome - SuperLLC, litigation risk and the banks. It is for these last 3 reasons that I remain sceptical about a bigger play.

We do know that the timetable for CAWF sales was due to complete on 15/8 but the statement from Rooney last week indicated a decision was likely to be made this week. We can be sure some good news re CAWF is in the wings whatever happens.

If the 4 properties and/or the remainder of CAWF sells, I would say the 'bigger play' is off.