A Few More Thoughts on RCU
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Greg Woolley is doing his best to scare RCU investors into handing their units to him at a massive discount to NTA. His latest supplementary bidder’s statement informs us that he is going to keep at least 10.1% so that another bidder ‘would be unable to acquire RCU’.
True. No one is going to be able to acquire 100%. And, with Woolley controlling 31%, no one else is going to get the 75% required for a scheme of arrangement.
But it’s also irrelevant. Most non-Woolley buyers won’t want to buy RCU. For North American property investors, the logical owners of these assets, owning US commercial property via an Australian REIT is horribly inefficient. RCU owns two US REITs, which in turn own the underlying assets, and it’s either these or the underlying assets themselves that potential purchasers will want to buy.
To sell one or all of those, we’ll only need a 50% vote. And that, based on the register as it stands today, should be relatively straight forward at any reasonable price.
Defence advisors Macquarie have some of their best bankers on the job (an indication of how tough things are in investment banking but good news for us). Woolley can make as much noise as he wants. If our advisors do their job well, we’re going to end up with a lot more than $0.46.
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