p/e ratio, page-7

Not sure how many shares will be on issue but CER's NTA of 41c would be used as the benchmark. This benchmark should be higher come 30 June 2011 as rental growth and steady cap rates will drive favourable valuation increases in CER's Australian portfolio.

CER currently has 2.3 billion shares on issue and approx $940m of equity post US sale. That equates to 0.409 shares per $1 of equity using Dec 2010 figures.

I suppose if any of the Centro syndicates are going to join the amalgamted entity ("New CER"), they need to be prepared to receive no greater than 0.409 shares were $1 of equity it can give to the New CER.

IMO We should be playing hard ball with all these syndicates. Theres one thing that CER has that many of the syndicates dont! And that is......LIQUIDITY.

Many investors in the syndicates are unfortunately trapped within these illiquid investment vehicles until usually the end of the syndicate term.

If these investors want to be part of the New CER and enjoy having a liquid asset, it should be forced to pay for that privledge. That may mean receiving less than 0.409 shares per $1 of equity it can bring to the New CER.

Am I on the right track? Should we be flexing our muscle regarding this matter?

Cheers