charter hall, page-3

the more i think about the more angry i get

here we are, as the equity holders, being kept in the dark whilst existing management (who have unarguably performed very poorly over the long term) negotiate on how much they should get for the management rights

a simple analogy is to imagine if we owned an investment property and we appoint a property manager to manage our asset

the property manager decides they no longer wish to be in the management business and sells the rent roll

now they can sell the rent roll to a new manager, thats fine, and they can be communerated for it, but the difference is if we dont like the incoming manager in this case, we can sign a form immediately cancelling the management agreement and quickly re-hire another contractor

we cant do that here because of the convoluted trust structure and the existing debt convenants, which have no doubt been struct (by the manager) to protect the value of the manager's rights

it seems like we are stuck with whoever pays the highest price for the management rights, as opposed to who we think will provide us with the best management skills

mindfuck really

/end of my rant, sorry guys just venting