concrete actions needed, page-13

Jadel

For the PIF to have any real value going forward its very nature needed to be changed.

The offer I was aware of backed effectively by a bank was that they would put additional funds in if unitholders agreed to change the nature of their investment.

I believe they proposed to transform this along with other assets into listed trust.

PIF unitholders who would have needed to vote on this would have known what there real position (value as of today)and have a choice to vote on something that allowed returns to be reinstated or where this is heading which is a drawn out fire sale.

The institution would have stood behind the return of the investment and by changing the underlying security to listed trust provided an exit strategy for investors.

From the new managers point of view if investors agreed to this proposal then the PIF now has value as investors ultimately have an exit strategy through market but they have fully captured the value of the fund.

Again I would like to know how Hudson plans to kick start all the stalled developments as this is where the losses can really add up if projects are sold uncompleted.

Going back to the Hudson comments in the AFR. How did she know about the other offers. She is not a director of OCV and only just came on the RE as a director. Surely this is knowledge only known by an employee or advisor.

She should have no access to what other approaches were made or if she did she has no place acting as advisor and purchaser.

Her comments in the AFR are proof eneough as to how dodgy this is and should be eneough for the alarm bells to be ringing at ASIC.