?? Jenny??, page-2

I have the following in writing from Regional Director, Sales and Investments at Jones Lang Lasalle at the time of the auction:

'Several parties were bidding on the property with the last bid at $ 40.5 million.The Auctioneer at this stage asked for instructions from the Vendors and it was aprox 30 minutes later that he was instructed to pass the property in as $ 40.5 million was not acceptable to the Vendors.'

The fact remains that Wellington Capital Ltd had the opportunity to secure a bid of $40.5million at auction at the fall of the hammer without any further negotiations but WCL instructed the property be passed in!
What happened after that initial decision was made by WCL cost PIF investors millions of dollars and many years of protracted unsatisfactory dealings with Harbour Street Developments which were negotiated by WCL and resulted in a far worse outcome, not to mention along the way we were subjected to a massively dilutive questionable placement to outside investors which further added to insult when those 'new' unit holders benefitted by any pittance of capital returned to to original investors.