Dargie, it would have been impossible to line up 50% of...

Dargie, it would have been impossible to line up 50% of shareholders to vote in favour. Only way to do that would have been to have those pesky investor surveyists ringing up shareholders to ask them how they will vote. I haven't yet had a call - has anybody else? The way the cycle worked with Lend Lease and LLP was that those calls to small shareholders didn't start until much closer to the scheme meeting. They upped their offer price when they realised they didn't have the numbers.

I also doubt the Canadians have the instos lined up either. Many of them are in the same boat - paid $5.08 in late 2009. The net asset value is $6.35 per share, as calculated at 30 June 2010 - refer page 6 of the 111 page results pack released by PIH on 23/8/10. There will be instos who take their fiduciary duty to their investors very seriously and will not be keen to sell out at a steep 28% discount to net asset value, especially when that also crystallises a loss. This deal is definitely not a done deal - thats just what the Canadians want you to think.