coverage in today's afr, page-11

pwillow- yep thats a good bet at 30c.

LLC bid by way of Scheme because with a Scheme they certainty of 100%, and they only need 75% acceptances.
With t/o they face risk of not getting to 100%. As they own 43% i think they need to get a bigger % of minorities. Different rules apply to t/o when they already have control.

LLC want 100% because
- buying assets at discount
- they have detailed inside knowledge of potential
- they are buying LLP assets at bottom of market - they just got Valuers to value LLP assets which caused NTA to drop
- market for housing and retirement properties is starting to rebound - so now we are heading for growth again
- tax benefits - they can group losses of LLP with profits of LLC if they own 100%
- cash flow - they can funnel cash back and forth if they own 100%
- they were prepared to pay 60c share in c/n - so at 31c in a better market outlook is a bargain
- they can more easily transfer their r/v developments from LLC to LLP at any price they choose if own 100%

This offer is opportunistic bid at bottom of market.
Its all about transfering the wealth from LLP to LLC !!!