Ann: Letter to Shareholders , page-5

>You can still vote for the new directors even if you vote yes to the buyback

If you accept the first buyback you probably won't be around to vote for the new directors which gives Kinghorn a chance to keep control.

Another option is to vote against the buyback and then accept it the next week if the vote gets up. The vote for the buyback will give an idea of Kinghorn's support.

The Intelligent Investor advice is clear. Vote against the first buyback. Anyway if it is voted down the second buyback will still allow those interested to get the 88c + 30c FC. In the meanwhile a buyer might be found for the residual mortages as the SMH article suggests. In that event you might get considerably more.

In summary