Gininvest, Your logic makes sense, and I wonder if the fact that...

Gininvest, Your logic makes sense, and I wonder if the fact that the stock constantly trades at well below NTA is the influencing factor. Certainly, the return of such a chunk of capital just announced suggests a game changing circumstance is afoot or a strategy shift. It was only a little while back that USR was planning to refinance PP given its upward revaluation as a means of freeing up some cash presumably to put towards future acquisitions. But the return of capital now runs contrary to to this objective. Am wondering if there has been some paradigm shift in the thinking of at least one significant shareholder and its interesting to note that the Resolution at the AGM relating to enabling further placement capaciy was knocked down and based on the voting pattern it looks like from an entity with around 19% of the company. CVC and SMPI are at this type of % holding.
I presume the company will be providing an updated NTA in the near future, maybe after the sale of the tranche of Cleveland houses is crystallized. That would give us a better picture of circumstances. No matter how I work the numbers, the current SP of 34c seems significantly below the NTA which I estimate around low 40's maybe 45 c at a pinch after the capital return.
What would be the implications, positive or negative, for shareholders of a privatization?.