p/e ratio, page-11

I will go further to say everything has been disgracefully handled.

The amount of fees we have paid our ?advisers? has probably been greater than the lousy amount we realised from our SuperLLC investment, which was essentially a ?risk free? asset as it had been written down to zero.

We are all meant to feel warm and fuzzy about CER becoming an Aust only REIT and getting rid of our supposedly high risk US assets. Super which had substantial upside and basically no downside was thrown away for nothing. REIT 1/CMCS32/Californian portfolio, already clawed back occupancy rates back to 95% since the GFC and saw 2 consecutive reporting periods with valuation upgrades, was thrown away also.

What I suggesting before about flexing our muscle is something we must do.

If anybody wants to join the CER party, they must pay a premium to do so. We have liquidity. None of the syndicates do. CER has been bullied around far too often from its loser big brother CNP for many many years. Its about time we stand up and be counted and do what is in our interests.

Also, the directors had better be aggressive when valuing CER?s assets at 30 June 2011. Any further softening of cap rates would allow the syndicates to enter into CER at more favourable terms. CER?s assets are way too undervalued to its peers as discussed on here many times before.

Don?t hesitate to express these concerns and other concerns we have raised to the CER board. I know I will. While its great that the unit price has increased significantly in recent times, we all know CER?s unit price is still significantly undervalued.

Cheers