Looking like a tight vote. Mr. Fred Woollard spearheading the...

Looking like a tight vote.

Mr. Fred Woollard spearheading the yes vote. If successful, the share price will probably immediately re rate to $1.80 with those patient enough to hold on during the 6-18 month wind up likely to receive $2+.

Mr Woollard has been criticised by the incumbents for being a short term investor. A casual look at his website will show he is a long term investor e.g. KPT where he has added considerable value by supporting the company in the establishment of a path to commercial development of their forestry assets.

Mr Woollard has incurred costs that other minorities have not had to face (legal fees, prosecution of the yes case etc). I for one am appreciative of that, especially as I stand to benefit if the yes case is successful without personally incurring those costs.

Spearheading the no vote is Mr George Wang. If successful the share price will likely sink back to about $1.30. The reason is that after 5-7 years of management he has failed to close the discount to NTA and the market will likely expect that to continue. Not really comfortable that some management fees are suddenly cancelled when he faces this threat (asx announcement 1.12.16). Also uncomfortable that changes can be made to the investment mandate without reference to unit holders even if allowed under the trust deed (see ASX announcement 9.11.16). Further, apparently unwilling to disclose fees charged on Laverton & Felix St. (Australian Financial Review article 20.12.16). Also, trying to scare unit holders with talk of a fire sale when the commercial property market is in the midst of a boom.

To me, as I have stated before, this is such a clear yes to the wind up. However, need to be mindful that many shareholders traditionally vote with management.

If you agree with the above summation, strongly encourage unit holders to submit a yes vote as it could be crucial in the result.