Apples,
I suspect Orbis is buying CER both as a value investor and as an arbitrage-type play. But prima facie it is a vlaue investor.
I had some time to go over the CER annual report again yesterday, and I have to say, it's quite healthy (depsite look through gearing in CER of 64%).
One thing does vex me: All properties just about a owned 50% or in share with other entities such as CNP. This in my opinion makes it very hard for an administrator to clear out CNP assets at fire sale. Surely CER has a say in the matter and also has first right of refusal on the assets.
I think you can also be sure if CNP has to flog it's 51% stake in CER (or if the administrators/liquidators do it) that Orbis will be there to snap it up....off market.
I will cross-post this on CER forum.
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