I can't help feeling that SHs are looking at this deal from the...

I can't help feeling that SHs are looking at this deal from the glass half empty perspective. Normally the more substantial SHs there are in a co., the safer that co. is to invest in. Unlike an issue to "sophisticated" investors BPT is not going to dump any time soon and in fact may increase its holding if sp is seen to be cheap. For eg. if the top 20 SHs held 70% of the issued share capital and included say BHP our sp would certainly be heading north, so I wouldn't be too worried short term, world outlook excepted.