I can understand many being a bit disgruntled, especially when we've all seen NPV calcs at multiples of the current price. In the end it's all about risk and the fact that money in the bank/distributed is a risk-free asset, compared to even the best of undeveloped projects, which must be considered risky (even by mgmt themselves) in the current climate.
There aren't too many stocks of WPG's mc who have generated these sorts of returns in 2011. Worth remembering that at the end of the day, anyone who is unhappy can walk away with a very handsome capital gain. Or hang on and reap a very large, partially franked dividend if you think mgmt will go shopping fora new project when the sale goes through.
Either way, i don't see how anyone could possibly have lost in all of this and really, with more cgt losses floating around than you can point a stick at, I think that's a fairly big tick for the company.
GLTA
WPG Price at posting:
$1.15 Sentiment: None Disclosure: Not Held
