I'm also a sceptic, and proud of it. The world needs more of us. Being new to this one, I haven't had to suffer the previous behaviour. You likely have a better gut feeling. For me, the discount to NTA gives a nice margin of safety. More than enough to sit back and see if positive changes occur.
Guessing intentions is a fascinating game. The RE trust and Woolley announced this arrangement without canvassing other large unitholders. That suggests a cosy collusion, as do the fees. On the other hand, he's sunk serious money in. The rights presentation did state the possibility of replacing the RE or internalising. It could just be distracting,covering chatter of course.
I also think the only way Woolley can only get a return on this sort of money, or even extract it, is by cutting future costs – interest, excessive fees, tighter mgmt.
As an aside, I think the term "investment banker" grossly mangles both words. They're typically "inside speculators", who lack the integrity of gambling with their own money. Egocentric and all the rest. I've got no illusions. Woolley is apparently an ex banker – reformed?
Ask me is 6 months.
RCU Price at posting:
40.5¢ Sentiment: LT Buy Disclosure: Held
