[QUOTE=1leon;396564]You might be correct that 30% is control but I think that is largely reliant on general shareholder inertia. There are still significant legal prerequisites/abilities hinging around the percentage held.What I am really talking about is a steady progression to compulsory accquisition.
Cushings previously controlled the management company of NZ Rural Property Trust so there is nothing new about management.If you think extracting over $3,500,000 from exiting shareholders is the way to create wealth for all shareholders I am considerably less sanguine about that. It may be that having recently bought at a discount you will be equally happy to exit at a significant discount. I am already a long term holder. What I would consider creating wealth for shareholders would be an oportunity to realise the real value of the shares.Cushing interests previously mopped up the Property Trust units at a discount. Now with the company structure they are able to to advance the same objective with the company's resources.
St John proprty Fund is another Unlisted with a major shareholder, there approaching 75%. Shareholders have been exiting at $1.20 to $1.50 against an asset backing of $2.43. . Is that wealth for all shareholders?
What you have posted is correct.I never went near the company for the reasons you have given.
However,with David Cushing driving the company,share buy back,selling some farms,putting the capital into improvements,we should see the NTA improve,and further dividends.A lot more proactive management.
Whether or not Cushing takes us out,or lists it on the main board,we should see the share price move more towards the NTA.