Firstly, apologies for the last post on RCU: I mentioned the meeting would be held 'tomorrow' however I did not realise the time stamp was a different time zone to mine. I'm learning something new everyday in the world of blogging! I have the pleasure of writing this from beautiful Koh Samui. I highly recommend the visit.
Okay, the meeting of unitholders was held and here's the result. The initial proposal was the simple one, which was to sell the assets to Saban, return the cash to unit holders and clean up the scraps including letting the dud properties go. At the 'request' of Mr Woolley, the meeting's resolution was instead split into three parts: a. to sell the selected assets to Saban, b. to distribute the cash and c. Delist RCU. The first resolution was voted for while the remaining two were voted against.
At least we have some progress. The concern now is that RCU will shortly be a listed cash box (and holding some properties that are bleeding cash) and we don't know when or if the cash will be returned to unit holders. It could be used as a back door listing for another company, or any other number of permutations. The game continues. At 48c, RCU is trading at ~16% discount to (soon to be) cash, so I'm comfortable holding.
I will report more on this in coming weeks.
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