lender negotiations, page-6

guys,

have a look at the graph for APD. it has doubled in the last few months and its performance is an indication of what is going on behind closed doors.

APN will never let go of the management rights for AEZ, its their cash cow. they will recapitalise AEZ and dilute us all.

why should be accept a cornerston investor that gets to buy in at an a big discount to NTA? should be be happy that APN still gets their management fees while we get toasted?

i think not, the only acceptable outcome for me will be either a takeover @$0.30 (a 25% discount to NTA mind you) or they delist AEZ and start selling down the assets and return capital to us and the banks.

what we should all do is ask that APN to charge management fees on the market cap of the trust or gross assets, ie which ever is the lowest. that will make sure that investors interests are alingned with APN, ie not just growing the trust because they get more fees on buying and selling assets with debt.

APN has $13m in cash and has been "working out" what to do for the past 18 months. so far we have lost the distributions but APN is still paying its self the managemnt fees on the gross assets of the trust, ie not what the market is saying the assets are worth.

am i the only one that can see APN are massively out of their league here?

when they vote on what ever plan they put forward i will be telling them exactly what i think. its about time the clowns running the show listen to the unit holders not some stupid banker or private equity guy. the reason we are in this position is because APN is poor skills as a manger, they let the price fall so far and never once did anything to try and raise capital early on and now they want to dilute us when the share price is 25% of NTA? these guys are stupid.

its time we as shareholders let our frustration out at these clowns managing our capital.