Ann: Change in substantial holding, page-3

So they bought 3M of the 12.2+0.47 = 12.7M traded today. They are now holding 11.4%,
At 30/6/19, NTA was $2.79. For FY19, FFO was 17.3 cents. By the time the vote is held, we are ~4.7 months into the year, and there has been no distribution this FY, meaning we have 4.7/12*17.2 = 6.7 cents additional cash to add to NTA, so now just under $2.857. We are as good as trading at NTA currently. The price of $3.04 implies only a 6.4% premium to NTA. I hold two other AREITS, CMA and AQR. In comparison, CMA has a NTA of ~$2.51 and it trades at $3.14, or 25% premium. AQR has a NTA of ~$2.97 and it trades at $3.42, or 15% premium. CHAB has been too smart by half in this play, and been pi$$ing all over shareholders in terms of their actions over the past couple of weeks. Although I had put in a proxy the other week to sell, it was with a level of misgiving that the price was on the cheap given the recent appreciation in other REITS. If the transaction falls through, then so be it. I won't be too perturbed.