Ann: Federation Centres announces four property sales, page-7

I should get out more: several articles a couple of week's ago on the Sewell sacking and its ramifications: seemingly also Gandel and the Novion board is trying to create a whiff around Steven Sewell, when in fact his achievements in recent years speak for themselves, and Novion's performance has been particularly ordinary. Hence Steven Sewell has gone very quiet. But let's face it, FDC shareholders have been completely had, and we have all been deceived. Frankly, I feel that we would have been far better off with a hostile takeover, because then at least we would have got the takeover premium. The whole affair is shameful and needs serious looking into.

7th August
http://www.copyright link/real-esta...ight-inside-a-property-empire-20150806-gisq96

Good summary of the federation perspective here: on 4th August
"Federation Centres shareholders have every right to feel aggrieved. Not only did they not get a vote on the Federation Novion merger, they now have a board making some very serious decisions that are completely at odds with the very product disclosure statement against which they signed," Morgan Stanley said.

JP Morgan's Scott Molloy also cited inconsistency to what shareholders were sold during the merger.
"Disclosure documents on the merger clearly stated that Steven Sewell would be the CEO of the merged entity, and that Tom Honan would be the CFO. This was the management team on which the deal was presented to investors ... In our view, a departure from formal disclosure documents of this magnitude on such a material transaction should be accompanied by a detailed explanation of the decision."

Read more: http://www.copyright link/real-estate/federation-centres-investors-consider-legal-action-over-steven-sewell-sacking-20150804-gir2r1#ixzz3joFoLkAx
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