Ann: Net Tangible Asset Backing, page-43

Personally, I agree - We did get some BKW a few weeks ago @ 15.65 average but it didn't take up the sell down of URB it was opportunistic. We don't think it will be a straight swap though - we think that BKW will have an added element of risk in that the move into the USA for Brickyards may well have an element of risk attached to it. The plus is that the property JV seems to be of sufficient size to cover the overheads so there isn't much development expenditure - that is in stark contrast to URB. You can look at the SOL cross holding much like the URB investment portfolio. So the only point of difference, in my opinion, is the brickyards and they are mostly free in the mix.

I still think URB was a great idea but the timing was off - probably too late in the cycle and the higher fees have dragged it down.

It's strange as I have tried to invest directly in the underlying SOL assets and each time I end up going back to BKW and SOL.