nice deal - for mqg, page-17

they cannot. The only logic is that the 150m will give them the same net mgnt fee after staff costs as they got in 2008. They will earn roughly 13m less this year in 2009. They are just securing their income and taking away the obstacle to someone wanting to purchase the whole outfit. also by lowering the nav in the process the offer price also drops automatically. They are just profiting and dont want anyone to challenge their assertion that the real value is higher than the trading price. MQG win big and map holders lose.

By the way Map have to service 13m more by way of than 2009 management fees next year. WOW what a deal as Map directors will now have to devise a performance scheme for the internalised mgnt and all the unitholders end up paying that as well.

This is not up up up. whatever the upside was MQG have taken some of it off the table and secured their income and upside. This is just a bad deal.

Do you own research.

Given all the hype it seems strange no-one has bounded in wanting some of the action maybe it is because it not so sure as MQG is about the value. Remember its easier to sell units than management contract. I liked this investment better yesterday and even at 2.30.