first cut analysis, page-34

giddle, i have read the ann, several times, i suggest you do the same mate.

it is definately positive, but not extremely positive to warrant a 100% gap up in the sp to $1.

it looks like the offers for CAWF were awful, probably 40-50% below book value.

the offers for CAF look like they may have been alright, which is a bit strange given the state of the US economy and property values. there is a huge amount of big money on the sidelines in the US, the aussie reits don't have the BOS or the cash to pay book value for CAWF

as for the recapitalisation, we all know those offers were for 90c, and probably spearheaded my macquarie bank which will suck centro dry, so unless the sp rebounds to $2 i don't see any progress being made there.

as for divvies, it will be at least another 18 months before they start being paid again, if they are ever paid again