Voting yes to the wind up

Decided to vote yes to the wind up.

Main reason is that I estimate we will receive close to $2 in the wind up scenario. Don't really agree with management that it will be like a fire sale as we are in the midst of a huge property boom. There is no need to sell everything straight away. Progressive cash releases over 6-18 months would be fine by me.

If the wind up vote fails, I suspect we will revert to a share price around $1.30 pretty quickly. This is because management have failed in the past to close the discount (e.g. no aggressive buy backs) and the market will assume more of the same if the status quo persists.

Mr Wang has done a solid job business wise over the last 4 years but has neglected minorities in my view by ignoring the share price discount.

The sudden cancelling of the management fee makes me wonder if we have paid too much in the past but I don't have the data to compare with other similar REITs.

Anyway clear yes for me to the wind up.