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'Be very interested to see what the offers are going to be that they expect will bring back the difference in share price to their net asset backing.'

The problem is trying to figure out what the NAV is.

I think a realistic valuation may reveal that they're in breach of their covenants with their bankers.

It's now looking as if the selling was informed. Not so much with inside information but a better appreciation of their debt situation vis a vis property prices.

I could be wrong but suspect that in the current climate the parties who are interested are looking to carcass pick.

I'm wondering if those holders who will receive the dividend of 16.7 cents might be advised to take the 25c sp and run.