takeover now more likely than ever, page-37

Arnstrong Jones funds were not traded. Armstrong Jones themselves traded shares in the fund to investors who wanted to buy or sell. Such a plan only works when turnover is small and the number of buyers and sellers can be matched. It also only works when the value of the entity is appropriately valued.

As soon as there are more sellers than buyers, the scheme collapses.

Centro is nothing like that at all. The shares in centro and the units in CER are traded in the market. Centro does not trade them itself. If there is an imbalance on any day between buyers and sellers, the price moves down, this always brings more buyers out of the woodwork. Supply and demand.

Armstrong Jones situation really nothing like Centro at all.

There are still some property funds around which work on the Armstrong Jones model. But investors no longer have the ability to buy or sell units in the fund willy nilly. There are also some share investment funds which work that way, but they are easier to appropriately value on a continuous daily basis.