Dogby, exactly right, in my uneducated opinion, current...

Dogby, exactly right, in my uneducated opinion, current unit
holders are getting a pour deal - 20 cents below current NTA - at the bottom of the market, while challenger is in a position to benefit from improved market condition in the
future, or from the gradual sale of properties at fair value.
Even allowing for a further decline in property value, I don't think it will reach a level to the equivalent, what current holders will get out of this deal.
One needs to keep in mind, that the value of the properties
have been written down substantially over the last couple of
years.
Annoying as well, is the obvious leak of an imminent deal to
insiders a day before the trading halt.
Have we seen the last of CWT?
Maybe not. There is always the possibility of a re-float in
years to come with a nice premium attached for Challenger and CKLS.

The above is my personal opinion only!