A Few More Thoughts on RCU

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...

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.

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