crf sp, page-11

Lama

Unless there is additional information the opening price of CRF should simply be 5.29 times what the last traded price of CER was.

The market price of a share does not always have to match the book value or NTA. And in fact they dont match the majority of the time. Suggest that you look up any of the other REIT listed on the ASX. Due to current world market turmoil, most (if not all)REITs are trading at a discount to NTA.

As the consolidation is now fully approved, theoretically the share price is now "fully priced", the market is not going to wait until the 15 Dec to price in this information.

Therefore, high risk investors would be exiting the share from here onwards to find other shares which offers greater uncertainty and chance of profit. But at the same time, low risk investors might be entering the market if they reckon the share is undervalued.

CRF would most likely be trading at a greater discount to NTA than the average REIT until the market gets to see its first set of annual report, trading as a consolidated entity.