Ann: 2024 Full Year Results Presentation, page-6

Headache is unit holders left with just a single property: 468 St Kilda rd, but stuck with all the costs of listing administration costs on the ASX.
OR
Holders will vote for delisting, including 468 St Kilda rd, in which case all holders will become holders in an unlisted vehicle holding 468 St Kilda rd.

I don't know how to play this yet. Still hold my remaining 30% position, but its not relatively small vs the total portfolio.

But I understand why the share price is declining now vs NTA of $1.39 (less transaction costs) and with the future risk of 468 St Kilda rd value (roughly
$0.38c at current market value, but who knows what real value is).

That $0.38c is the big risk component, especially with holders are left with the property in an unlisted vehicle (and so cannot exit easily).

And I don't hold out much hope for build to rent, given the cost to convert, and from the looks of it, it doesn't look very premium build to rent (lol look at artists impression, there are not even any care parks in the artists drawing)





Anyway will just wait and see.
Too lazy to do anything at this moment.