shareholders urged to back centro merger , page-2

Hi Hotlegs,

Had a read of the article and its rubbish

They said “the firm was supporting the aggregation because external CER securityholders would receive interest in Centro Retail Australia consistent with the value of the assets they were contributing”

We know that’s not true. CNP is leveraging off the much more favourable tightening of cap rates CER experienced for the period (Jan 11 to June 11)

Oh well, CNP secured debt holders stand to lose a fortune for being too greedy. We’ve been milked far too many times in the past.

I envisage massive headaches for them as the receiver and his staff keep adding an extra hour here and there to their timesheets for what will be one of the biggest corporate collapses in Australia all of course at the expense of CNP.

CNP security holders should be grateful to get a return of 1c let alone 5c.

Positive thing is after the failure of the merger, our NTA will reset back to 44.5c and CNP secured debt holders and all of the unlisted funds that were going to be stapled to the new Centro will even more desperate to get liquidity to their investments.

This is panning out to be a disaster for CNP.

Cheers