Asset Plus (APL)

[Aaron]

The council offices will be finished shortly. I wonder if Wayne Brown would look at trying to wriggle out of the lease as part of his cost cutting exercises.

Does anyone get into the minutiae of things such as the lease agreement. Would building delays give the ARC an out if they decided they could manage with what they have or if they could use spare offices from the harbour bridge cycleway team or the three waters team.

Looks like ARC can't wriggle out of the lease but is subletting a floor if it can.

https://www.nzherald.co.nz/business/...DBMOI7PTNCA3A/

[Sideshow Bob]

FY Result

https://www.nzx.com/announcements/412156

[kiwikeith]

Has looked for a long time that this company is in the process of winding up. Trades at a sizeable discount to net asset value. Things should improve if they can lease the vacant space in their council building before selling it.

[dibble]

Has looked for a long time that this company is in the process of winding up. Trades at a sizeable discount to net asset value. Things should improve if they can lease the vacant space in their council building before selling it.

Must say, the wind up paragraph came as a bit of a surprise. I'd sort of been expecting a takeover. Centuria, as managers, hold a small stake (from memory... so they can spout that "our objectives are aligned" jibberish) but the real value for them is cheeky fee extraction along the way whilst the shareholders carry the development risk. Then as that risk is nears nil, something they would know better than anyone, make a 28c offer for a 35-45c asset.

But now its finished, lease commenced, my theory debunked. Probably.

Wind up seems best solution, listed company for one asset not overly efficient.