The Centro 'group' has a controlling interest of 51% in CER, but the CNP headstock look-through interest is less than this.
If CNP falls over and it somehow forces the liquidation of CER (I'm not sure how it could, but let's assume), I'd be a very happy person indeed.
You'll get waaay more than 5.5c per share once it's all over.
Remember CER is making money and had $1.27 NTA per share (99c NTA if SuperLLC falls over) at year-end.
If the CNP administrator was forced to sell or break up the whole unencumbered interest in CER, it would attract a lot of interest, even in the current environment.
A more likely outcome and in fact a more favourable outcome, would be the CNP administrator selling the 51% interest, a new RE being found and CER being renamed to something 'non-Centro'. If this happened, new-CER would trade at a discount to NTA (like other REITs are currently). Even if this is a 50% discount to NTA, it's still a share price of 50c.
I do not want this scenario to happen, but I certainly don't fear the outcome if it did.
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