Pelorus I�m voting AGAINST.As far as I can judge the company is...

Pelorus

I�m voting AGAINST.

As far as I can judge the company is probably quite good. Changing the structure is a waste of money in cost of change and operating 3 structures instead of 1..

The gap between NTA & share price has happened because of the lack of information to shareholders. Have a look at the 2009 & 2010 AGM presentation. 2 pages & 6 pages.
Why don�t they articulate the business plan. Which properties are long term or short term and any other info. Maybe get the shareholders interested!!

As I am reading the 3 booklets re restructure, I find more questions than answers. A frustrating read.


1. What are the breakdown for each new structures? E.g. For 100 shares of PPI you will receive x no. Of Blackwall, y no. of BQF & z no. of Pelorus Private Equity.

2. What NTA per share/unit for each structure?

3. Lack of liquidity in BQF.

4. Why not list BQF? � I�m guessing it has higher value than the proposed Pelorus Private Equity. Makes me suspicious

5. I could understand a split of a)Funds Management and b) Property Trust (holding all properties) but why 3 structures? Who can win?

6. Why isn�t there independent valuations?

7. Etc.etc.