orbis may reduce holdings, page-12

apples,

Yes thanks for the good luck wishes.

I did say 10-20% of NTA. Last NTA notice was at 72 cents so 14 cents does cut it.

Again, the market has undervalued all REIT's even ones wit han overall lower risk profile like BJT. I am not concerned as a re-pricing of BJT in all liklihood is imminent. Once so, this will allow me to cross back over into CER at no "upside loss".

Even with the vagaries of BJT's most recent announcement which has caused much uncertainty and confusion, I have a good idea what to expect on Friday (or whenever the announcement comes to pass).

As discussed with some colleagues what irritated me was the disingenuous nature of the lack of dividend guidance. Having no idea of earnings and expenses (and therefore taxable income) on a proforma basis is absolute bollocks.

CER doesn't need to even distribute a dividend!! Mere guidance for the next say 6-12 months would be more than sufficient, repeat more than sufficient to support a 14-20 cent share price long term no probs at all.

But you (we) did not even get that. Why? Because CNP is the major shareholder and they already know of course.

Yet agan, sincerest good fortunes for all holders. You deserve your just rewards in the face of much ramping, misleading and negative sentiment on HC and in the press. Not to mention the some arrogant and hypocritical posting of one or two (maybe one) red hearts who played many of you like fiddles while you followed blindly when they were holding, then when they weren't, then when they were, then when they weren't and then when they were again.

Don't be afraid of some critical thinking and don't be afraid to ask why. Now or at the AGM if you go. I will buy back in and (unlike last year because I couldn't make it) I will be at the AGM (fingers crossed). I will be the loudest most obnoxious one there. I have questions don't you?

Why no distribution guidance?
Why poor (but compliant) disclosure?
Why poor public relations?


Cheers and good luck!