some quick points.1. The fund managers had eluded to a...

some quick points.
1. The fund managers had eluded to a liquidation in their 'open letter'
2. Their insistence despite the revised offer suggest to me that they are very confident that the reported asset values are significantly understanted and that in thier considered view even after liquidation costs and presumably stressed sales conditions they can realise more than EPN's 9c / unit...big call IMO
3. The fund managers are determined.

Possible (IMO) outcomes:
1. the collective fund managers take EPN out;
2. the trust is dissected into smaller REITs and off-loaded (This option might deliver greater liquidity (???))
3. external administration is appointed

Having regard to the EPN approach and the fund managers apparent determination, an interesting tussle is ahead.

Good luck ... I'd like a slice of the pie!