I presume that all have received the email from CNPSA - copied...

I presume that all have received the email from CNPSA - copied below?"

"Dear Shareholders

I am writing to report on our working progress in helping the recovery of Centro Properties Group (CNP) and the investments of our shareholders. Since the establishment of CNP Shareholders' Association (CNPSA) in February, we have received thousands of letters, emails and telephone calls from shareholders. We have come across many disheartening stories. Some CNP retiree shareholders have suffered such enormous monetary loss; it has simply left their whole self-funded retirement plans in tatters. The financial hardship these shareholders have suffered prompted us to work harder in finding every possible way to correct the current situation. We are so grateful for the overwhelming support we have received from our shareholders and we believe our concerted effort will be instrumental in the successful ascertainment of our goals. Over the past five months, we have engaged in discussions with government officials, MPs,
CNP's board and management, and we have consulted extensively with prominent lawyers and business people. Based on the advice that we have received and a careful assessment of the current situation, we believed that the best possible way forward was to search for refinancing opportunities in Asia, especially in China. Mrs Margaret Lou, a member of CNPSA and a major shareholder of CNP, has since led a group of shareholders and worked tirelessly on a potential refinancing project. Their continuous effort has led to a major breakthrough where one of China's top investment banks has shown significant interest and willingness to be involved in CNP's refinancing. Some initial discussions between the Chinese bank and CNP's Australian lenders have already been held. However, we must realize that an optimal outcome of CNP's refinancing is dependent on shareholders' active participation, which we believe is the foundation for the protection of shareholders' value. In the last two months, Mrs Margaret Lou and I have discussed with CNP's board about the importance of appointing shareholders' representatives onto the board. Five shareholders have put forward a request to call a Members' Meeting for electing shareholders' representatives on CNP's board. The three nominated director-candidates, Mr Kieron Strahan, Ms Yik Fan Ngai and I, all have the requisite expertise and the determination to restore the company's value and be the voice for shareholders. We are aware of CNP's announcement on the 25th of June regarding the appointment of three new directors. With respect to this matter, I would like to specifically point out:

1. The appointment of the three new directors by the board will not affect our approach to call a members' meeting and to elect our shareholders' representatives on the board. The appointments of those three new directors by the board will only become effective in September this year; the continuation of their directorships will be subject to the successful election by shareholders in the Annual General Meeting later this year.

2. The contract term of "Cash Redemption Amount" in the Debt Stablisation Agreement imposes a tremendous risk to all shareholders: CNP shareholders will only retain 10% equity of the company. Without a refinancing miracle, CNP shareholders face a losing battle. Therefore, new directors who are able to assist with CNP's refinancing are urgently needed for the benefit of the company and ultimately the shareholders.

3. The global financial crisis and CNP's management strategy certainly cast doubt upon the practical implications of solely emphasizing on director's experiences when considering appointment. We have seen many instances where corporations have capitulated under the leadership of those experienced directors who sit on numerous boards. Holding of multiple directorships is not necessarily an accurate indicator of one's ability to lead and to act in the best interest of the company. Potential directorcandidates should be assessed in light of their ability and willingness to promote the longevity of the company, and to preserve and maximize the investments of
shareholders. Your support and participation is much appreciated and valued. A recent article in The Australian Financial Review titled "Shareholder revolution urged" is an indication of a shifting paradigm. CNP shareholders and CNPSA are undeniably the pioneers in this shareholder revolution. We are in the process of making CNPSA a stronger and more effective organization, with the objective to continue our role in liaising with the company on behalf of all shareholders. We intend to hold a members' meeting of CNPSA in Melbourne this year. We invite you to become a member of CNPSA by sending an email to us stating "Yes, I would like to become a member of CNP Shareholders' Association (CNPSA)". There will be no membership fees. We are also inviting shareholders to become committee members of CNPSA.

If you think you or someone you know is qualified for this position, please don't hesitate to tell us.

You're warmly invited to visit the CNPSA website (www.cnpsa.org) and share your opinion.

Please find two attachments regarding to the requisition of general meeting.

We look forward to working with all shareholders to rebuild CNP and our shareholders' value.
Yours sincerely
Li Zhang
Secretary
Centro Shareholders' Association"

What's the problem of trying to vote 3 shareholders to the Board? About time we had better representation.

I'm also someone who will vote for administration rather than dilution, so any group who wants to try and achieve a better outcome is extremely welcome as far as I'm concerned.

cheers L :-)