How can the directors possibly recommend that unitholders approve the sale of their holdings for 8c a share when net assets were 54c at 31 December 2010 (P6 of half yearly released to ASX on 24 Feb)and pub values have begun to recover in 2011? This is almost certain to be voted down when it eventually comes to a vote of unitholders - they might get the vote of the receivers of Hedley's former holding, but at these schemes you also need to get more than 50% of the votes of those unitholders actually voting. That is, the little guys can block this. No doubt the investment bankers are shopping around for an "independent" expert willing to come up with a report that will understate true value to shareholders. This seems to be an attempt by investment banks and hedge funds to rip off honest Australians. I hope ASIC is watching.
RPF Price at posting:
8.0¢ Sentiment: None Disclosure: Held
