In the independent directors' target company statement - which included an independent adviser's report - they valued Capital Properties in a range of $1.48 to $1.72 a share, with a mid-point valuation of $1.60. |
It's another one off the list and confirms that investors' options have been decreased. |
On the negative side the outlook was that economic conditions are slowing and there are a few sectors that are making some divisions a bit softer...and that's translating through to the likely profit result. |
The first two years of operations were pretty tough - as they were for much of the commercial property sector - with returns going backwards, about negative 7 per cent a year. But the last five years have been brilliant, with Capital Properties providing returns in excess of 20 per cent per annum. |