At the moment we investors are in control, we've voted against E&P and taught them a lesson: there's no chance of them being able to get a new self-serving proposal up and screw us over.
Given the unjustified size of the discounts, I recommend waiting for distributions not selling.
I am also in no rush to vote YES to any proposal that requires me to accept a discount to NAV over 15%. I would consider proposals where those who exit immediately received a bigger haircut while those prepared to be patient realised closer to NAV. (That kind of exchange value mechanism in the PE1 proposal and also PGG conversion is worthwhile as it meets the range of investor desires).
The danger in voting YES to KAM without worthwhile constraints or commitments is that investors would now have selected the responsible entity and given them a mandate. In this case, selecting KAM which has a clear agenda to maximise FUM not wind down the CD Funds rapidly.
I recommend patience. We will inevitably dispatch E&P and very likely within 12 months. Investors should maximise the optionality of choosing the best RE, with the most suitable commitments we can extract.
CD3 Price at posting:
$1.47 Sentiment: Hold Disclosure: Held
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