trading halt, page-35

Would have thought there would be more press coverage on this or the odd hedge fund moving into push for a better price.

You have Management with a complete conflict of interest talking down the value - mentioning that if asset values fall by 10% then it would be close to their offer. It's amazing- if they were 10% higher conversely would be something like over a 45% discount to asset value. Where is the balance?? You are talking about assets marked down significantly already.

Management would have influenced last year valuations no matter what is said and now say these values are a risk. The value of non-residential real estate in USA has risen a fair amount from the bottom and its not clear this is yet reflected in book values of the assets.

Surely the directors have only to look at Centro to know that there is appetite out there for retail assets and you don't have to accept big discounts. Surely the independants have to open up the whole portfolio to bids as they can't just accept a 33% discount (based on 3 months ago NBV) from a party who has complete inside knowledge, as being fair.

Buying out the minority you get the assets and also don't have to pay several % in transaction taxes (that indepedent valuations assume you do) and you also keep the old tax base (meaning lower taxes when you sell for a gain). it all looks a steal- 1) a highly dilutionary rights issue and 2) then mop up the shareholders who could afford to not be diluted with a low ball offer.
Who is looking after shareholders??