The FROR granted to UOAREIT a couple of weeks back would seem to indicate another spate of sales is relatively imminent. The FROR granted in 2005 led to a number of substantial sales over the ensuing couple of years. The question would then need to be asked what to do with the additional mountain of cash the sales would generate. Management seems to have taken their foot off the gas substantially in Kuala Lumpur.
As to @pete11 suggesting SP could go to 40c. Of course it could, during the GFC, the SP fell from almost 30c to as low as around 8c. I know as this is when I first became acquanted with the business.
I for one would welcome the opportunity to buy over 87cps of conservatively valued attributable NTA at less than 40c, or less than 46c on the dollar. Or put another way, to buy $1.07 billion dollars worth of hard assets for about $490m, with an extraordinarily successful property development business and about $60m of recurring rental revenue (of which about $30m or so is attributable to UOS holders) thrown in for free.
In fact, put that way, the $583m being asked at todays price of 47.5c also sounds pretty compelling to me - Eternalgrowth
Add to My Watchlist
What is My Watchlist?
