There is that chance that management are indeed trying to hedge...

There is that chance that management are indeed trying to hedge bets, however the market is a larger vehicle than this pathetic lot of directors and has the ability to more effectively price assets and hopefully see through any fog that may be thrown up by Hurley.

I however echo a few other comments by posters that this is nothing short of a sellout of holder interests. Follows is an email sent to Valad earlier - I could be completely wrong, but given their appalling management and communicative record over the past few years, their massive renumerations for negative returns, and obvious hiding of critical information (the most recent being the Top Ryde affair), I have little else to go on...

---------------------------------

Dear Sir/Madam,



Today's recent press release regarding Mr.Hurley's decision to take leave in order to proceed with his entourage's proposed takeover of the European business sounds highly suspicious, and to all intents and purposes represents a gross mispractice against these members charges to protect shareholer interests.



I am currently interested to determine whether any legal action could be pursued in addition against the board since appears they are endeavouring to buy out the European interest on the cheap. Given the 'conflict of interest' indicated by Mr.Hurley, the fact that he is taking leave appear nothing more than a justification that he is acting outside the interests of shareholders. By taking leave he is trying to distance himself and other members from any perceived conflict, however obviously the planning and motivation was completed while still Managing Director. As such an obvious conflict existed at that time - during this period nothing was mentioned to the General Meeting or in the reports, and this in itself suggests some clandestine manouvering against shareholder interests.


At a minimum, Mr. Hurley should resign from the board following which legal actions can be considered including that of blocking the proposed transfer.

Should the board be considering such a proposal, at the least a fair market pricing scheme would be expected other than that of the buyers (the board members) seeking the lowest price from the sellers (the board members).

---------------------------------

If in fact I am incorrect, then Valad should respond, and infact they should have cleared up such issues in advance of being requested - that would be effective management.

I would encourage other holders to contact Valad, and for want of other options, contact media including Scott Rochfort at SMH since the board doesn't seem to want to air their information with their employers, namely us holders...

Stephen Day already left a couple of years ago - wasn't it something to do with ill health? However since that time is back on the wagon making a healthy living doing the same old. So I wouldn't be suprised if Hurley decides to do one better by stripping the assets at a bargain cost, leaving and then setting up shop elsewhere with our money.

Again, I hope I'm wrong, but the fact that I hold stock gives me the right to comment and seek clarification from the company, including that of airing my perceptions. Their role is to protect my interests.