I dare say you are right Biscuit given that the Boards reason...

I dare say you are right Biscuit given that the Boards reason for engaging ML is To close the significant gap between SP and NTA.
But there is one question all intending. Aspirants will be mulling: what is the absolute minimum price which AOG directors will accept as acquitting their directorial duties and which they could potentially sell to ordinary shareholders?
But this process will play out in a number of ways over various asset groups.
Personally I believe the AOG DMF model isn’t the winning model going forward...the landlease rental model is and INA are likely to emerge as dominant here.
Besides, AOG have the highest DMF fees of the for profit players. But those contracts are locked in and excluding a massive change of legislation the DMF stream of future cash is locked in.
AOG will flog off small and difficult villages. They might then parcel off the existing villages with DMF to a separate vehicle. Their huge bank of new development stock worth over $400m could go to another separate vehicle.
It could well be that AOG come down to a strict high rise capital city provider of ILUs and aged care similar to their newly released Newstead in Brisbane. They almost said this in the AGM notes.