share prie will probably tank next week going on my luck I finished buying in on this on Friday. its now my biggest holding at 20% of my equity portfolio. Its taken me several weeks to get sufficient shares and yesterday someone was watching my bids very carefully placing bids just ahead of me and then pulling them and I would place a bid for more than was on screen and it would magicly get filled. I called Comsec to see what was going on but they wouldnt admit anything.I got sick of the games. I couldnt get over the quality of the assets and just couldnt stop myself buying, so as you said I hope Orbis has done their DD. I have been arbitrageing from BEC to this profitably until now.
I do have my reservations about it like why the Australian directors have not been bying at these prices and if RXR can strong arm RNY by charging whatever mamagment fees they want. Nearly 3 million in mangement fees seems exhorbant especially when RXR owns 25% of the buildings. Be good to see how those managemnt fees are broken down aaaadn if tis not just top managemnt getting the fees. But you shouldnt look a gift horse in the mouth. Just hope the vet fees and borrwing costs arent too high to cause it going to the knackers. THe IRC is around 1.7 from my calcs so it looks ok to me.
RNY Price at posting:
6.6¢ Sentiment: None Disclosure: Held
