Please tell me how CNP with a NEGATIVE NTA of $2.58 gets to own 73.9% of the new entity!
Whilst CER holders get just 14%?
Oh and other "benefits" for CER holders...
§ Results in a simplification of CER’s asset ownership structure
So what!
§ Provides Securityholders with an economic interest in a quality portfolio of retail shopping centre assets, predominantly wholly-owned by CRF
We have an economic interest in a quality portfolio of retail shopping centre assets NOW!
§ Addresses a number of potential risks and structural challenges still remaining including: § impending debt maturities;
Wow isn't that the business lenders are in?
§ external management arrangements;
Probably cheaper and more ethical than dealing with CNP.
§ partial interests in assets;
Yes everyone with a home loan should be ashamed for not having a totally owned roof over their head. LOL
§ remaining linkages with CNP
Yes I agree cut them loose and let them sink!
§ Addresses the significant uncertainty that would be faced by CER in the event CNP is placed into insolvency administration, including potential appointment of an insolvency administrator to CER’s RE.
Bring it on! At least I'd realise more in my pocket than dealing with the Centro board.
§ Provides clear value proposition, focused business model, operational stability and ability to execute on internal growth opportunities.
So CNP are admitting their management thus far has been substandard and not optimal in the best interest of shareholders?
§ Relevance to investors with CRF likely to be an ASX top 100 entity and top 10 A-REIT, with pro-forma equity of approximately $3.4 billion as at 30 June 2011.
So what? Neither is my house but it's still saleable and worth what the market is prepared to pay.
Keep trying board.
CER Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
