Pretty sure tomorrows papers will be filled with lots of info.We...

Pretty sure tomorrows papers will be filled with lots of info.
We only have Monday to change our votes online.
For me I think its clear the big funds have a deal they can live with.
Its not ideal but for me its a good result and time to move forward.
I for one will be changing my vote online am Monday from No to Yes lets get on with it.
I agree with Nursery the trading opportunites over the next few weeks should be good expect some volume after Tuesday.

Cheers
Hotlegs

Centro fights for survival

Ben Butler
November 18, 2011 - 7:06PM .


Troubled shopping centre empire Centro has sweetened the deal it will offer hedge funds in a bid to get a merger of the two halves of the group over the line.

The company went into a trading halt this morning as it negotiated with two hedge funds threatening to scuttle the deal.

This evening, it said it had increased the percentage of the merged entity, Centro Retail Australia Trust, that would be held by ‘‘external’’ investors from 14.5 per cent to 15.9 per cent.

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It has not changed the 5.03 cent a share to be received by investors in the other half of the group, Centro Properties Group.

‘‘We are pleased to have successfully negotiated improvements to the aggregation terms, resulting in significant value enhancements for... securityholders,’’ Centro Retail Trust chairman Peter Day told the ASX.

New York hedge fund Marathon Asset Management, which holds 8.68 per cent of Centro Retail Trust had earlier declared it will vote against the merger, while Sydney-based Orbis Funds Management, which holds 4.91 per cent, indicated it did not see much value in the deal.

In a statement to the stock exchange issued before the market opened this morning, the company said it was seeking the halt ‘‘pending an announcement regarding the Centro restructure proposal’’.

Securityholders in Centro and its sister property trust, Centro Retail Trust, meet on Tuesday to decide whether to approve a merger of the two entities proposed by the company’s banks.

Unless Centro management can convince trust investors to support the deal, proposed by its bankers, it is likely to enter administration.

If it does not restructure it faces a December 15 deadline to pay back $3 billion of its debt by December 15, which it cannot do.

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