equity hedge update ..., page-24

Filsy,

They have done a "bang up job" as you put it in running a trust whose units you DO NOT hold. Running the business and MANAGING the situation in which CER finds itself are separate in my view.

You cannot say you have "Debt Stabilised" a business in one breath and then in the next breath insist that a "Capital Transaction" is necessary. This is double-talk. Having said that I am not averse to a Capital Transaction" as it were. Eearnings Per unit would decreased markedly but I would very quick as a unit holder realise further multiples very quickly in the form of a capital gain. Nothing is forever.

Filsy, my friendly suggestion is that you devote just a tad of energy trawling through some of the more substantive past posts and you will find that quite a few posters, while they have strong opinions, really believe in this REIT on its own merits and also in the management team.

Your commentary in my view is therefore non sequitur.

Cheers and good luck.