This is a perfect example of the opportunistic grab and I hope it is seen for what it is.
I am well down on this investment, put into it by a tip sheet (as an investment, not a trade) that is still in business but hopefully will go bust.
Earlier this year (at about 14c) I considered adding to my holding quite substantially because I sort of anticipated what we now face. All I wanted to do was average down so when the not surprising bid from the controllers came in I could recover some losses. Alas I dithered and when the price fell to below 10c congratulated myself on not going in because it had BBI written all over it. Should have known better.
This often happens in bad times. I experienced it a decade ago when Westfield screwed the minorities here in NZ with their quoted security. Fundamentals sound, minorities mostly happy I think to help fund a rights issue but were denied the opportunity. Westfield used the "Asian flu" as the excuse to climb in with the same "a fair offer given the average value of the price over the last blah blah blah"
This is nothing more than theft from minorities and I am surprised that the ASX has no position on it.
I do not want to sell. Property wounds are healed by time.
The only comfort I can draw from this is that some knowedgable and connected heavies believe the market has turned and taking us out will never get cheaper.
Why cannot they be honest like the accumulators of say ABP who are working in the market place?
LLP Price at posting:
30.5¢ Sentiment: Hold Disclosure: Held
