# ALZ - Australand Property Group



## mmmmining (25 January 2007)

Hi, There is no thread for this..

Today MXG (Multiplex Group Stapled) ann possible 3rd party proposal. So Similar companies are ALZ, LLC, FKP...

Wondering anyone has any thoughts about the possibility of 3rd party proposal for ALZ? Just speculating.

High yield of ALZ maybe a bonus.


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## NextBigThing (27 July 2009)

*Re: ALZ - Australand Property Stapled*

Trading halt???

anyone shed some light on this? I read it has something to do with capital raising. Will this send the price higher?


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## waz (27 July 2009)

*Re: ALZ - Australand Property Stapled*

Diversified property group Australand Ltd has announced a deeply discounted 7-for-10 entitlement offer to raise $475 million.

The non-renounceable, pro rata entitlement offer is priced at 40 cents, a 20 per cent discount from its last traded price. 


NextBigThing: Capital raisings dilute shareholder value, which means share price should fall. It is good for the company to fix its balance sheet, however bad for the shareprice. Its even worse if the raising fails to attract enough subscribers.


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## NextBigThing (19 August 2009)

*Re: ALZ - Australand Property Stapled*

how do people see the SP playing out, after the capital raising???? thoughts??  also...  i purchased my allotment of shares at 40 cents via bpay. Shall i expect a letter from ALZ/??? also how will these new shares be placed into my trading platform?. Thanks in advance


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## So_Cynical (28 January 2010)

*Re: ALZ - Australand Property Stapled*



waz said:


> Diversified property group Australand Ltd has announced a deeply discounted 7-for-10 entitlement offer to raise $475 million.
> 
> The non-renounceable, pro rata entitlement offer is priced at 40 cents, a 20 per cent discount from its last traded price.




It was this capital raising that first tweaked my interest in ALZ and i have been watching with interest since...and today i actually got a low ball buy order filled, and it turned out to be not so low ball.

Anyway in at 46.5 cents, hopeful that this down leg is over and that ALZ will return to the top of its 9 month trading range some time over the next 2 or 4 months....buying at 47 cents and under has proved to be profitable over the last 9 months and i see absolutely no reason why it wouldn't continue to be profitable over the next 9 months too.

And ya gotta love a double digit dividend return. 
~


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## So_Cynical (9 February 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> And ya gotta love a double digit dividend return.




ALZ released there 2009 financial results today and turns out i wont be getting a double digit dividend yield  looks like ill have to settle for a return of only 8.8% PA as they have announced a Distribution guidance of 4.1 cents per share....2009 highlights include.


Operating profit 120 mill
Gearing 25.4%
Investment property revaluation losses 249 mill
Undrawn facilities plus cash totalling $760 million
Distributions for FY10 are expected to be 4.1 cents per stapled security
Propose to undertake a 5 into 1 security consolidation

http://www.australand.com.au/ArticleDocuments/239/0310ResultsPresentationFINAL.pdf


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## So_Cynical (7 April 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> Anyway in at 46.5 cents, hopeful that this down leg is over and that ALZ will return to the top of its 9 month trading range some time over the next 2 or 4 months....buying at 47 cents and under has proved to be profitable over the last 9 months and i see absolutely no reason why it wouldn't continue to be profitable over the next 9 months too.




ALZ up about 20% from the bottom of about 2 months ago...so yet another successful trade completed today with my partial exit from ALZ  the share price took a touch over 2 months (so just inside my predicted time range) to reach my upper channel target of 0.535

Interesting that today's mimi break out was on no news, and that the ALZ SP is behaving very predictably (as predicted) and will probably go on to test the very top of the channel...anyway left the profit in with a little capital for the long term capital growth and dividend yield, and intend to go looking for more property stocks that i believe represent a value entry. 
~


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## Looingforvalue (11 April 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> ALZ up about 20% from the bottom of about 2 months ago...so yet another successful trade completed today with my partial exit from ALZ  the share price took a touch over 2 months (so just inside my predicted time range) to reach my upper channel target of 0.535
> 
> Interesting that today's mimi break out was on no news, and that the ALZ SP is behaving very predictably (as predicted) and will probably go on to test the very top of the channel...anyway left the profit in with a little capital for the long term capital growth and dividend yield, and intend to go looking for more property stocks that i believe represent a value entry.
> ~




What other property stocks look good to you? Are property stocks likely to be the next sector to run after the runs we have had in resources, the banks, retailers etc.


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## So_Cynical (11 April 2010)

*Re: ALZ - Australand Property Stapled*



Looingforvalue said:


> What other property stocks look good to you? Are property stocks likely to be the next sector to run after the runs we have had in resources, the banks, retailers etc.




I think over the long term we will look back at this time and see that the lower risk property stocks were great buying and good value in late 09 early 2010, as for what looks good to me...all the property stocks im watching seemed to have bounced except for a few of the larger ones and a large tracking fund.

Personally ive been trying to buy SLF since i exited my ALZ trade but the darn thing wont fall to my buy price  ill give it another week.


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## Looingforvalue (12 April 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> I think over the long term we will look back at this time and see that the lower risk property stocks were great buying and good value in late 09 early 2010, as for what looks good to me...all the property stocks im watching seemed to have bounced except for a few of the larger ones and a large tracking fund.
> 
> Personally ive been trying to buy SLF since i exited my ALZ trade but the darn thing wont fall to my buy price  ill give it another week.




Would you consider FKP, which is trading at 74 against Dec 09 NTA of 127, and likely earnings of 9-10 cps a good one to be in for both short and long term. Immediate problem with this stock seems to be the low dividend of "at least one cent a share" indicated by the Board, even though it has hinted it will review this low payout.


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## YELNATS (12 April 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> Personally ive been trying to buy SLF since i exited my ALZ trade but the darn thing wont fall to my buy price  ill give it another week.




What is your buy price for SLF, So_Cynical? I hold SLF and have been looking to get some more around $7.95.


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## So_Cynical (12 April 2010)

*Re: ALZ - Australand Property Stapled*



Looingforvalue said:


> Would you consider FKP, which is trading at 74 against Dec 09 NTA of 127, and likely earnings of 9-10 cps a good one to be in for both short and long term. Immediate problem with this stock seems to be the low dividend of "at least one cent a share" indicated by the Board, even though it has hinted it will review this low payout.




Based purely on the chart, FKP is trading in the middle of its range so at the current SP i wouldn't be interested...chart indicates that 68 and under is where i would be considering FKP 




YELNATS said:


> What is your buy price for SLF, So_Cynical? I hold SLF and have been looking to get some more around $7.95.




Yep same here, i hold and want more...ive had a buy in at 7.94 > 7.96 and that one day last week it hit 7.95 was the day i decided to save my self $17 and dropped my bid to 7.94


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## So_Cynical (16 April 2010)

*Re: ALZ - Australand Property Stapled*

Today ALZ announced details of the 1 for 5 share consolidation they have been planning, should be all over and done with on the 4th of May...will be interesting to see if the old trading range will still be valid, strange things can and do happen after consolidations and splits..factored up, the bottom of the new inner range should be around 2.45

http://www.asx.com.au/asxpdf/20100416/pdf/31pt3y6ydqklgt.pdf


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## So_Cynical (30 June 2010)

*Re: ALZ - Australand Property Stapled*

Into ALZ at today's open of 2.30 ~ turned out to be very close to today's bottom and actually a little lower than my buy in of a few months ago..so will end up being a slight average down for me.  

With today's close of 2.42 im tempted to take the 5.2% in a day and run : as DXS also looks prime for a re-entry and easy 5 >10% or so....these low credit risk, dividend paying property stocks are turning out to be great support buys in this brilliant sideways market...loving the volatility.


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## So_Cynical (29 July 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> Into ALZ at today's open of 2.30 ~ turned out to be very close to today's bottom and actually a little lower than my buy in of a few months ago..so will end up being a slight average down for me.
> 
> With today's close of 2.42 im tempted to take the 5.2% in a day and run : as DXS also looks prime for a re-entry and easy 5 >10% or so....these low credit risk, dividend paying property stocks are turning out to be great support buys in this brilliant sideways market...loving the volatility.




28 days later and im out at 3.67 (yesterday) with a very easy 16% profit in a little less than a month...as per my plan all profit left in with just a little extra capital as its my second entry into ALZ.

Total ALZ shares now held for long term dividend stream up by about 40% and thus my ALZ divi stream up by 40% and my free carry shares increased in number by about 20% so my ALZ holding is now approximately 40% capital and 60% free carry.

planning to only leave profit in with my next trade...and will probably be willing to pay a little more going forward as i expect that after declaring a health profit and dividend that there's a fair chance ALZ wont see 2.3? again.

6 month chart below shows my very well timed and lucky falling price entry's in green with exits in red.
~


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## So_Cynical (1 December 2010)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> (28th-January-2010) ya gotta love a double digit dividend return.






So_Cynical said:


> (9th-February-2010) ALZ released there 2009 financial results today and turns out i wont be getting a double digit dividend yield  looks like ill have to settle for a return of only 8.8% PA as they have announced a Distribution guidance of 4.1 cents per share.




10 or so months down the track and looks like im closing in on my double digit distribution return  ALZ released there 3rd quarter update a few weeks ago and have given guidance of 20.5 cents per share...my average price is $2.32 so about a 8.85% return with upside.



			
				ALZ 3rd quarter report said:
			
		

> In line with previous guidance, it is expected that Group operating profit will be similar in 2010 to that achieved in 2009. The Group expects to pay a distribution of 10.5 cents per security for the second half, *resulting in full year distributions of 20.5 cents per security*.




http://www.australand.com.au/ArticleDocuments/239/Australand_3Q10_Update.pdf


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## pixel (2 December 2010)

*Re: ALZ - Australand Property Stapled*

Well done, Cynic;
I've taken the distribution and then abandoned my holdings as the price drifted off. It was only today that my scan (for trend reversals with volume) put ALZ back on watch.

The weekly chart shows that $3 could be a tough resistance to crack - but there's always the next attempt that might succeed.



If it does happen, we may be in for a treat: $4.30 in a year's time?


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## So_Cynical (10 December 2012)

*Re: ALZ - Australand Property Stapled*

GPT has released a proposal to buy Australands property portfolio, no details yet but the announcement certainly had an impact on the ALZ share price closing up 6.29% ($3.21) for the day but hitting a new 4 year intra-day high of $3.34

http://www.gpt.com.au/news.aspx?urlkey=nm_news&newsid=41281

I'm still holding 2 parcels of shares from 2010 with an average price of $2.315  with the regular take over activity that my portfolio attracts its starting to become clear that this fact is a big contributor to my success...over all since July 2007 i have held 40 stocks in total of which 7 have been either taken over or the subject of a unsuccessful bid.

So 17.5% of all the stocks i have held since July 2007...amazing, and an often neglected aspect of having a large portfolio of quality focused, mid, small and micro cap stocks.


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## skc (10 December 2012)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> GPT has released a proposal to buy Australands property portfolio, no details yet but the announcement certainly had an impact on the ALZ share price closing up 6.29% ($3.21) for the day but hitting a new 4 year intra-day high of $3.34




I closed a long ALZ position on Friday after it ran 6%, completely unaware of the rumour going around. 

Oh well. only $5k profit foregone


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## nulla nulla (11 December 2012)

*Re: ALZ - Australand Property Stapled*



skc said:


> I closed a long ALZ position on Friday after it ran 6%, completely unaware of the rumour going around.
> 
> Oh well. only $5k profit foregone




Be happy , if 6% on monday represents $5k profit then you probably took $5k profit in the 6% rise on friday. Well done. Plus of course all the divs you accumulated while holding. 

At this stage, the bid is informal and only for the "non residential" assets. A bit like offering to take only the good aspects of the company and leave them with the discards. It would have to be at a pretty good premium to book value to make it palatable for alz shareholders. I'm surprised the share price of gpt didn't dip.


 *Share:*  *ALZ*    *Date:*  *Closing 10-12-12*    *Closing Price* 	3.21	 *Issued Shares* 	576,846,597	 *Capital* 	1,851,677,576	 *Earnings $* 	0.2520	 *ROE* 	7.85%	 *Dist $* 	0.2150	 *Yield %* 	6.70%	 *P/E* 	12.74	 *NTA $* 	3.46	 *Discount to NTA* 	7.23%	

Still worth a look at at the present yield and discount to nta. Although I note in todays SMH a broker only values it presently at $3.15. As always d.y.o.r. and good luck to holders. .


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## skc (11 December 2012)

*Re: ALZ - Australand Property Stapled*



nulla nulla said:


> Be happy , if 6% on monday represents $5k profit then you probably took $5k profit in the 6% rise on friday. Well done. Plus of course all the divs you accumulated while holding.




Only held it for 2 days so no dividends to speak of.

Of course it's nice to take profit but I spent most of yesterday's morning looking at the profit that I missed out on... and probably missed many more trading opportunities as a result.

Anyway, it's been over 24 hrs so I think it's time to let it go.


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## PinguPingu (11 December 2012)

*Re: ALZ - Australand Property Stapled*



skc said:


> Of course it's nice to take profit but I spent most of yesterday's morning looking at the profit that I missed out on... and probably missed many more trading opportunities as a result.





Glad I'm not the only one who does this, MAD still annoys me to this day.


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## So_Cynical (18 December 2012)

*Re: ALZ - Australand Property Stapled*

Mirvac is interested now...ALZ up another 2.6% today on the speculation.

http://www.afr.com/p/markets/capital/mirvac_mulls_bn_australand_tie_up_ScyleqOZdWNUyF8AiOSMFJ

One can only hope for a bidding war.


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## edman79 (26 March 2013)

*Re: ALZ - Australand Property Stapled*

What happened to GPT and MGRs interest in ALZ?
Is ALZ still a takeover target?

I would like to short ALZ but it seems a bit risky as another bid could be just around the corner...


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## nulla nulla (26 March 2013)

*Re: ALZ - Australand Property Stapled*

It might be risky shorting ALZ. GPT is still there in talks with one of the major shareholders and has raised a bit of capital recently from the U.S.  I suspect the potential takeover may be holding the ALZ share price up through recent volitility among the rest of the A-REIT's. As always do your own research and good luck.


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## edman79 (20 November 2013)

*Re: ALZ - Australand Property Stapled*

Australand is in a trading halt atm and released news that its major shareholder is selling 20% of its holdings in an overnight transaction. What are the ramifications of this, if any? and how is this likely to effect the stock price when it re-opens?


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## nulla nulla (20 November 2013)

*Re: ALZ - Australand Property Stapled*

From todays ASX announcement...

"CapitaLand Limited (“CapitaLand”) wishes to announce that its wholly-owned
subsidiaries, Austvale Holdings Ltd and Ausprop Holdings Limited (collectively, the
“Sellers”), have today entered into a placement agreement (the “Placement
Agreement”) with Citigroup Global Markets Australia Pty Limited (“Citi”) appointing
Citi as the sole bookrunner and underwriter for the sale of stapled securities in
Australand Property Group (“Australand”) in a secondary placement exercise
(“Secondary Placement”). CapitaLand, through the Sellers, has an interest of
approximately 59.1% (comprising 341,885,375 stapled securities) in Australand.
2. DETAILS OF THE SECONDARY PLACEMENT
By the Placement Agreement, the Sellers agreed to sell an aggregate of 115.66
million stapled securities on issue (the “Securities”) in Australand and Citi has
underwritten the sale through an overnight accelerated book build process. The
Securities represent approximately 20% of total stapled securities issued by
Australand.
Allocation and pricing of the Securities is expected to take place on 21 November
2013. An announcement of the terms of the Secondary Placement will be made by
CapitaLand following allocation and agreement on the pricing of the Securities.
3. FINANCIAL EFFECTS OF THE SECONDARY PLACEMENT
The financial effects of the Secondary Placement will depend on the pricing of the
accelerated book build process and will be disclosed in the announcement to be
issued by CapitaLand following allocation of the Securities.
4. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS
None of the Directors and the controlling shareholder of CapitaLand has any
interest, direct or indirect, in the Secondary Placement save for their interests in
Australand through CapitaLand."

Looks like Capitaland subsidiaries are the holders of the Australand shares and are selling off 20% of their holding (or 20% of issued shares in Australand?). Probably getting a better price than that offered by GPT last December as well. The Australand share price finished down 3.35% today.


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## edman79 (20 November 2013)

*Re: ALZ - Australand Property Stapled*

Does anyone have any insights as to what this might mean for ALZ? Is it a price sensitive announcement or just business as usual. Does it make it a takeover target? etc. etc.


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## skc (20 November 2013)

*Re: ALZ - Australand Property Stapled*



edman79 said:


> Does anyone have any insights as to what this might mean for ALZ? Is it a price sensitive announcement or just business as usual. Does it make it a takeover target? etc. etc.




Definitely price sensitive. Looks like it will be done at between $3.685 and $3.75. 

Often the market reacts negatively to a major shareholder selling out at below last traded price (as required since it is usually a massive stake). So the share price can move quickly below the price of the block trade.

In this case however, Capitaland has been a rumoured seller for quite sometime, while ALZ just came out with a trading update of sorts, you'd think the market is as informed as it can be.

Having said that, Capitaland is still holding a large stake and the "overhang" thought could weigh on the stock for a while yet.

I don't think it changes much in relation to a takeover, however. Capitaland would be a willing selling at the right price - either through block trade or a third party acquirer...

Let me guess - you are long in a pairs trade?


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## edman79 (20 November 2013)

*Re: ALZ - Australand Property Stapled*



skc said:


> Definitely price sensitive. Looks like it will be done at between $3.685 and $3.75.
> 
> Often the market reacts negatively to a major shareholder selling out at below last traded price (as required since it is usually a massive stake). So the share price can move quickly below the price of the block trade.
> 
> ...





Ha Ha good guess SKC but not quite. Im short ALZ. This might not be the right thread to discuss a pairs trade but what would you do if you were short ALZ and long FDC for example (should I post in the pairs thread?)


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## skc (20 November 2013)

*Re: ALZ - Australand Property Stapled*



edman79 said:


> Ha Ha good guess SKC but not quite. Im short ALZ. This might not be the right thread to discuss a pairs trade but what would you do if you were short ALZ and long FDC for example (should I post in the pairs thread?)




I did have a signal to go short ALZ last week but elected not to take it because of the recent corporate activities in the sector. 

Depending on the final sale price, the news isn't decidingly good or bad. So play it cool and react only to an over-reaction.

However, if I am short I'd be more comfortable than if I was long. If ALZ looks to open 3-4% lower than I would probably cover at least half. There is a support line right around current level so if broken it could trigger some stops and create a long downward spike intraday, which I'd try to catch with the remaining half.

But it's all just a plan and it ould change depending on the news coming out of the block trade.


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## skc (21 November 2013)

*Re: ALZ - Australand Property Stapled*



skc said:


> I did have a signal to go short ALZ last week but elected not to take it because of the recent corporate activities in the sector.
> 
> Depending on the final sale price, the news isn't decidingly good or bad. So play it cool and react only to an over-reaction.
> 
> ...




Block trade went thru at $3.685 or low end of range... opened at $3.65, printed a low of $3.55 and now seems to have settled at $3.60. A pretty good short trade outcome to get good cover in this range.


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## edman79 (28 May 2014)

*Re: ALZ - Australand Property Stapled*

Ok so Stockland come out with a $4.35 bid for ALZ. After a halt ALZ opens down 0.01 at $4.25 on no volume then is promptly sold off to $4.21.... Was the market expecting a better offer from Stockland? I'm confused.


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## kefa (28 May 2014)

*Re: ALZ - Australand Property Stapled*



edman79 said:


> Ok so Stockland come out with a $4.35 bid for ALZ. After a halt ALZ opens down 0.01 at $4.25 on no volume then is promptly sold off to $4.21.... Was the market expecting a better offer from Stockland? I'm confused.




I think people are concerned that ALZ won't come to the party and SGP has declared this as the final bid. So they are willing to walk away if this price gets knocked back.


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## So_Cynical (28 May 2014)

*Re: ALZ - Australand Property Stapled*



kefa said:


> I think people are concerned that ALZ won't come to the party and SGP has declared this as the final bid. So they are willing to walk away if this price gets knocked back.




Yep market thinks the TO is a no go and selling accordingly, same with SAI the other day.


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## nulla nulla (28 May 2014)

*Re: ALZ - Australand Property Stapled*

I wouldn't be surprised if Stockland was in talks with the institutional fund managers that picked up CapitaLand's Australand Holdings back in November 2013 and recently when CapitaLand unloaded the remainder of their Australand holdings. 
If those institutional investors were of a mind to support the offer from Stockland, their combined share holding would probably be enough to exert pressure on the Australand Board to open the books for due diligence.


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## So_Cynical (30 May 2014)

*Re: ALZ - Australand Property Stapled*

Australand opening the books for Stockland.

http://www.asx.com.au/asxpdf/20140530/pdf/42pxzy7w02m5df.pdf

1.124 Stockland shares for every ALZ share....i want a little more.


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## nulla nulla (30 May 2014)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> Australand opening the books for Stockland.
> 
> http://www.asx.com.au/asxpdf/20140530/pdf/42pxzy7w02m5df.pdf
> 
> 1.124 Stockland shares for every ALZ share....i want a little more.




Good to see, they also want reciprocal access to Stockland's books to enable them to assess Stockland and provide an informed opinion to the ALZ shareholders. Shares in both companies now trading higher.


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## So_Cynical (4 June 2014)

*Re: ALZ - Australand Property Stapled*

New bidder, Singapore listed Frasers Centerpoint $4.60 per share cash including the next dividend.

http://www.asx.com.au/asxpdf/20140604/pdf/42q0qh64dcm2hl.pdf

ALZ up 6%


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## luutzu (4 June 2014)

*Re: ALZ - Australand Property Stapled*

sonofna... I sold at $3.82 fully aware of another potential takeover after Mirvac's [?]


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## coolcup (4 June 2014)

*Re: ALZ - Australand Property Stapled*



luutzu said:


> Mirvac's [?]




What?


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## luutzu (4 June 2014)

*Re: ALZ - Australand Property Stapled*



coolcup said:


> What?




Was saying I sold ALZ a few months ago at $3.82 or so. This was after Mirvac or GPT made a failed takeover offer in December. I made the sale knowing that, or at least was expecting, some other offer will be coming... i figured the upside of a new offer wouldn't be more than 10 or 15% above $3.80 and it could be a long while and there's a couple of opportunities i saw that i thought would be better.

The first reinvestment did very well within a couple of weeks, but has now gone back to a return of around 12%, the second opportunity I missed out because the price got back up before i could buy... so I'm holding a cash position and a 12% return from the ALZ sales where I could have gained an extra around 28% if i had held it.

was trying to be too smart for my own good.


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## So_Cynical (4 June 2014)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> (30th-June-2010) Into ALZ at today's open of 2.30




4 years and my ALZ adventure has ended, 2 (part) parcels from 2010 sold today for $4.56 ~ trade profit of 95.6% with dividends to many to mention but would bump the total return up to about 125%

I doubt Stockland will counter and will be more inclined to take the profit on their 20% of ALZ, im Moving on to Veda.


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## coolcup (4 June 2014)

*Re: ALZ - Australand Property Stapled*



luutzu said:


> This was after Mirvac or GPT made a failed takeover offer in December.




Mirvac never bid for Australand. GPT made an offer to buy part of the business only which was rejected.


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## luutzu (4 June 2014)

*Re: ALZ - Australand Property Stapled*



coolcup said:


> Mirvac never bid for Australand. GPT made an offer to buy part of the business only which was rejected.




yea you're right. I can't remember the bidder. 

Way too much M&As going on...


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## nulla nulla (5 June 2014)

*Re: ALZ - Australand Property Stapled*



So_Cynical said:


> 4 years and my ALZ adventure has ended, 2 (part) parcels from 2010 sold today for $4.56 ~ trade profit of 95.6% with dividends to many to mention but would bump the total return up to about 125%
> 
> I doubt Stockland will counter and will be more inclined to take the profit on their 20% of ALZ, im Moving on to Veda.




Given that Stockland paid around $3.80, with the offer price (dividend and prorata div included in the offer), they are up nearly $1.00 per share on their 19.9%. from memory about $380 million. Hard call for Stockland.

Do they add a few more shares and block the other bidder?
Do they walk away from their offer and sell their stake on market or into the offer, taking a hefty profit? or
Do they wait four weeks to see if the offer is confirmed then continue with due diligence?

I would be amazed if they came back with a higher offer given their original offer was already at a premium and the competing offer is so much higher.


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## System (4 November 2014)

*Re: ALZ - Australand Property Stapled*

On November 3rd, 2014, Australand Property Group (ALZ) was removed from the ASX's official list following completion of the compulsory acquisition process by Frasers Centrepoint Limited.


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