Biting the Bullet on RCU

Property trust RCU has signed a term sheet with Saban for the sale of its three remaining assets of any value. If approved, RCU will return about $US0.60 to unitholders and wind itself up. That’s a lot less than we were expecting when we first invested in this property trust but value dissipates every day RCU exists. In February unitholders contributed $20m via a capital raising. After transaction costs, only $17m went into the coffers. Less than $4m was used to extend the lease on the RSA asset (since sold).  On 23 July the Trust said it had US$13.9m...

Property trust RCU has signed a term sheet with Saban for the sale of its three remaining assets of any value. If approved, RCU will return about $US0.60 to unitholders and wind itself up.

That’s a lot less than we were expecting when we first invested in this property trust but value dissipates every day RCU exists.

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