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24-07-2013, 10:06 PM
My premise is that the shares are trading at a significant discount to NAV due mainly to the problems of the previous manager / controlling shareholder. A major real estate company has now bought 29% of the shares at 2.98 a share, presumably, because they see value at that level. Of course, they may be wrong but hopefully they will cause more interest in the shares. I don't see Nan Fung making such a size able investment just to get control of the management company and associated fees.
Why are they not making a General Offer ? That is a good question. They certainly have the financial resources to do so.
Why are they not making a General Offer ? That is a good question. They certainly have the financial resources to do so.