Yes, the sale had to happen, and that was supported by 84% of unit representation. I can would assume that the remaining 16% was a protest for units being sold at the discount to NTA, or against the RE. If the sale did not occur another capital raising would have been required just to stay afloat, for no real benefit. I will be writing to ASIC to see what can be done to stop Woolley, since around 80% of unit holders don't want him to take our cash. As the RE is now snookered, paralysed, a lame duck with no fees, and a windup stopped because of Woolleys vote, of course they will accept an offer from Woolley. Woolley was the one who forced the Directors to change the vote so that the distribution of cash back and delisting could be stopped. Woolley already has control, and Directors have no control over the Trust. 80% of unitholders held to ransom by 1 person. A Trust cannot be run like this.
RCU Price at posting:
47.0¢ Sentiment: None Disclosure: Held
