1st good day before many good days, page-12

Thanks Joe- great food for thought - did not know that about Barangaroo. That is where these forums are very helpful.

Nightmare - that may well be the case, and that would be a positive. However how is this different to CWN just doing a crap raise. None of this is adding value, other than trying to predict what multiples might be etc. It has already been valued on a sum of parts basis anyway by most analysts. There is far more value with CWN being a whole. Also how knackered is the property trust when it will be controlled by CWN? What confidence can unit buyers have that the property trustees will take advantage of their strong bargaining position? Why would you pay full value for that? Hence again - the whole deal subtracts from the value of the parts IMO.