Ann: European Business Update , page-6

Will be interesting from now. I'm extremely pleased the MBO has failed. Will have to wait as regards the so-called 3rd party discussions and at this stage am hopeful those discussions will conclude sooner than later without any sale. I maintain that going forward is better to retain existing business, and as regards the Sheraton Noosa, that depends on answers as to how much a possible loss would accrue on a sale, what the proceeds would be used for, and what risks exist if Valad maintains ownership. Given the writedowns on assets a month back, as with other poster comments, I tend to agree that valuations have bottomed out (especially with the increased transparency as recognised by the 1/2 annual reporting) with the belief that if anything, Valad valuations are no longer optimistic, but reflect reality. All that means as long as retain core businesses such as Europe, the future has less a feel of trepidation, and hopefully more one of expectation. The stock price will still piddle around for want of a better wording - until there is some hint of a distribution, the sp moves around according to expectations only. And while the CBA annoucement last week (no longer a majority holder) was not welcomed, the net change in their holdings (unless I got read their sales/buy figures completely wrong) was a net sale since december of $32000 which caused a drop below the 'substantial holder' floor. In other words, the annoucement says nothing more in my books than they has a net sale of some 30000 shares in three months, so that was a pretty cheap way to get an announcement to the market and given the total value of shares traded in/out during the period, doesn't indicate much at all.
Regarding Hurley - I hope he is removed, and maintain the sentiment the board should terminate his services immediately, and let him sue for the $2m he expects - he will then begin to feel what he has done to holders over the past few years, and requiring him to proceed with a suit would be a legal process during which time alot of dirty laundry would be aired as regards his performance. If he thinks publicising all that is worth his $2m, go ahead and the market would likely welcome airing the information.