vote no

I believe the directors of RPF have failed in their responsibilities to shareholders and have not worked to obtain the best value outcomes - it would appear they are working in the interests of the bidding parties.

The current proposal to offer shareholder 2.6cps is in my view totally unacceptable and I will not be voting for the proposal. This offer price gives RPF a market cap of about $4m. If shareholders vote No I would expect the bidders to come with a more reasonable offer - otherwise I believe we will obtain far greater value by a liquidation of the assets.

It is also interesting to note following recent info on the pub sector:

1) "Its pub and bottle shop company ALH Group is taking out long-term leases on 31 pubs located across New South Wales.

Woolworths already operates another 27 pubs in the state as the majority owner of ALH Group, which also is Australia's largest poker machine operator.

ALH chief executive Bruce Mathieson said the pubs had "the capacity to achieve good trading growth".

2)LEP has recently announced a 3.5% increase in pub portfolio value.