Most property trusts are trading at discounts to NTA, I don't know the average but 40% discount for MOF. Since there have been no on-market takeovers people don't believe these NTA's, or the poison pills in the debt are stopping them. There has been a bit of in-house activity (Leadlease) where insider knowledge and good balance sheets has allowed some smaller funds to be absorbed. I hold MGR, and think its sounds like a good plan, which therefore means I think MRZ holders are losing out and MGR holders are gaining. Market disagreed yesterday.
takeover time?, page-5
Currently unlisted. Proposed listing date: 15 MAY 2019#
