Australian Assets sold for $300m, page-9

Good point - this stock has clearly not delivered on what it promised from IPO; however, the bigger question is whether there is opportunity at the current price and my assessment is that there must be upside. The 'success' of this transaction has been to deliver on the Board's objective to prove-up the NAV of the portfolio, and I think they've substantially done that given the achievement of -5% to BV amidst tough local conditions. Given the SP is still 50% below NAV, and that there's a buy-back about to commence, this is a good time to join this stock. Management now need to deliver the resilient/stable returns of these assets through a sustainable dividend policy (and FWIW i think it will land closer to previous payouts vis a vis ValueSearch's view of the world).

GLTAH