Yes, that is very unfortunate.At 0.21 cents a share, HTA had a...

Yes, that is very unfortunate.

At 0.21 cents a share, HTA had a market capitalisation of only $142M. HWL held 57.82% of the FPO. That meant that the market value of the minorities was only $60M.

HWL could have launched a T/O for the minorities for a 30% premium and it would have only cost an additional $78M for 100% ownership. This way they underwrite the preference shares and the value of the shares falls 15% with the minorities shareholders not happy.

I actually had high hopes for HTA in 4-5 years time if the current growth in subscriber numbers and improvements in financials continued, which I expected would happen. Most of this upside will now flow to the preference share holders (assuming it is approved) which I expect will all be held by HWL.

Regards

SP