# IOF - Investa Office Fund



## Joe Blow (14 June 2010)

ING Office Fund (IOF) owns an internationally diversified portfolio of office properties, many leased to government and blue chip tenants. It also owns a 13.4% stake in ING Dutch Office Fund. IOF was formed following the merger of the Prime Credit Property Trust and the Armstrong Jones Office Trust. The fund is managed by ING Real Estate Australia.

http://www.ingrealestate.com/au_en/investing/listed_real_estate_investment_trusts/ing_office_fund/


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## nulla nulla (4 December 2010)

*Re: IOF - ING Office Fund*

Another REIT stock apparently flying under the radar. Out of favour since the gfc, done the capital raising, reduced debt, no longer paying high yield dividends out of borrowings but still paying a yield greater than 5%, trading at a discount to Net Tangible Assets (nta).

Usualy has plenty of liquidity (volume of daily turnover), experiences good days and bad days where the price goes up and down, and provides opportunities for the odd quick trade. 

At present there is an element of uncertainty hanging over the ING Property Portfolio;s (IEF, IIF & IOF). The parent wants to to get out, GMG wants to take over IIF and Investra wants the management rights to IOF. 

GMG are in the due diligence stage of reviewing IIF and the rumours are that ING are leaning to a management take over of IOF. However there doesn't appear to be a lot of information being released to the market to date.

IMO iof is worth keeping an eye on even if only as a share that will recover price narrowing the gap to nta as the economy, employment and commercial property prices improves in 2011 - 2012. And of course DYOR.


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## nulla nulla (19 December 2010)

*Re: IOF - ING Office Fund*

Two weeks on and little or no news regarding the future of IOF. The price has fallen through the support level of $0.565 and tested $0.55 before closing on Friday at $0.555. 
From memory iof is due to announce their dividend and go ex-div soon, usualy goes ex-div on or about 23 December.
The div of arrounf 1c is unlikely to inspire a sudden rush to get shares. In the abscence of any information as to what is happening with the future management it wouldn't surprise me to see the share test the support level of $0.52.


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## nulla nulla (27 December 2010)

*Re: IOF - ING Office Fund*

Testing the lower depths of the sideways (and downward) channel, iof bounced off $0.545 before closing out the week on $0.565. The big picture doesn't look flash and there is stil little or no news on what is happening with management/diversification from ING.


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## nulla nulla (15 January 2011)

*Re: IOF - ING Office Fund*

From an interday low of $0.53 on 04 January 2011, iof rallied to $0.58 on 13 January 2011. Nice Swing. If the optimisim in the all ordinaries continues don't be surprised to see iof test the low $0.60's.


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## nulla nulla (23 January 2011)

*Re: IOF - ING Office Fund*

Tested the low $0.60's then fell back in Fridays market tightening. Could rally from here or just as easily fall back and test support levels.


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## nulla nulla (25 January 2011)

*Re: IOF - ING Office Fund*

Looks like this stock is being propped up on speculation of a takeover or management buy out. While still trading at a discount to nta, it appears to be challenging the upper levels of the trading channel. If holding from the recent lows, now might be a good time to lock in some profits.


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## nulla nulla (28 January 2011)

*Re: IOF - ING Office Fund*

IOF may have peaked for now at arround $0.615, then again it could be just taking a breather before moving further up. DYOR.


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## nulla nulla (5 February 2011)

*Re: IOF - ING Office Fund*

An update on the IAG parent restructure of the property divisions wouldn't go astray. It has been some time since the last press release. The share price now seems to be (temporarily ?) stuck at the $0.60 - $0.61 range.


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## nulla nulla (5 March 2011)

*Re: IOF - ING Office Fund*

Once again IOF appears to be moving side ways in the range $0.595 and $0.62. The parent is very coy about updating the market as to what they are proposing to do with IOF. Recent volumes have picked up.
The open/close/high/low chart shows iof as having rebounded from the low of $0.53 and now having a support line at $0.595 with a resistance lline arround $0.62.





The MACD chart shows the share price closing the gap to the moving average.




The RSI chart shows the share price moving out of the oversold area and possibly starting to move into the overbought area.




I notice that CBA has increased its holding in IOF. Perhaps they are looking to do a takeover/merger with CPA looking for savings for both camps in the synergies of consolidation???       Perhaps they are just trading the swings as they have done in the past. Who knows, as always dyor.


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## nulla nulla (29 March 2011)

*Re: IOF - ING Office Fund*

The "Responsible Entity" for IOF has finally made a release to the market on what is happening to IOF. Investra have acquired the management rights and will also buy the ING parent 2.5% equity in IOF at $0.58c per share.

It also looks like IOF will be renamed Investa Office Fund and continue to trade on the asx under the IOF banner. It is possible that the unlisted properties already held by Investra will be acquired by IOF boosting the properties owned and/or under management to more than $8 billion making it a serious player in the Australian REIT sector.

Interesting article on the move in todays Business Day.

http://www.smh.com.au/business/ing-puts-investa-in-the-big-league-20110328-1cdfl.html

There have been some recent increases in significant holdings. Todays price action will be interesting and in the next week or so when we see if there is more buying up or divesting. 
If they do go ahead with the buy up of the Investra properties, they will probally have to do it along similar lines to the cpa buy up of Grollo's property by issuing script to Investra and raising capital from shareholders.

Yesterdays chart.


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## nulla nulla (2 April 2011)

*Re: IOF - ING Office Fund*

A couple of media updates and views on what is happening with IOF (Investra Office Fund formerly ING Office Fund). The price spiked up to $0.63 midweek but dipped back to the $0.615 - $0.62 range before closing on Friady at $0.62.

I wouldn't be surprised to see it drift back to $0.58. This being the price Investra paid ING for the 2.5% stake . It is probably a fair guide to the price IOF may go to Instituional Investers (and hopefully Retail Investors) when they do the capital raising the will need for IOF to buy out the nominated Investra's properties (subject to review/approval of the "independant directors").

Had to repost as I attached the wrong chart.


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## nulla nulla (9 July 2011)

No capital raising and no retrace. The share price traversed sideways between $0.61 and $0.63 before spiking up to $0.665 in June. Recently dropped back and ranging between $0.63 and $0.65. I'm finding it hard to determine when it will be safe to jump back in.


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## nulla nulla (23 July 2011)

IOF dropped to $0.615 but never looked like coming through to my bid at $0.60. It looks like the new entry level may be arround $0.62 to $0.63 but the top (for now) looks like a tight trade exit arround $0.65. 




A bit tight for me, might wait and leave my bid for the next down turn.


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## nulla nulla (29 July 2011)

Still too tight for me. Seems to be ranging between $0.62 and $0.645 which is surprising given their mix of Australian and Overseas properties. You would think the share rpice would be under more pressure. 




My bid at $0.60 is still there. If I get on, good. If I don't get on, no big deal. Other opportunities will present themselves.


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## nulla nulla (13 August 2011)

"So ask yourself punk do you feel lucky?" Even Clint Eastwood would have dubts as to whether the market is going to rally from here or is taking a breather before heading down further. The big difference between this time arround and last time is that all the reit's have significantly reduced debt and are no longer paying distributions out of borrowings.




At this level IOF has signalled a buy for me over the last two years, and I admit I have done very well out of it. However this time arround I am mindful of a philosophy posted in the old chat site by merv, "sometimes it is better to catch the train at the third northbound station rather than the first. At least then you know it is the north bound train".

This is not a recommendation. As always do your own reasearch.


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## nulla nulla (20 August 2011)

Resiliance, strength, improved management direction, reduced borrowings and no longer paying distributions from borrowings.  Versus Exposure to the overseas sovereign debt issues playing out. Don't forget that IOF has a European properties in its portfolio. And any credit squeeze and deteriation in europe could negatively impact on earnings.




Standing on it's own feet in the face of the stampeding herd IOF did well to hold at $0.58. However it has fallen further during less volatile times and is capable of falling further as the sovereign debt finger pointing plays out. Be careful it could still test sub $0.555.


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## nulla nulla (28 September 2011)

You just have to love a share like iof that bounces up and down, sideways and upwards or sideways and downwards, always with a big enough range (over a few days) to jump in and out taking cummulative small profits. 




Nuff said. DYO and good luck. I'm currently out and watching the movement for a re-entry.


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## nulla nulla (30 November 2011)

Volumes were up over the last 4 trading days, The RSI chart suggests iof is in oversold territory while the MACD chart indicated iof is closing the gap (upwards) to the average price. Then today, iof opened at $0.61 and fell on higher volume through the day to close on  $0.595. 




This is at odds with the rest of the reit sector which has rallied over the last few days.
Scratches head and watches for another entry point?


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## nulla nulla (22 December 2011)

The share buy back has finished and I was half expecting the share price to drop back without the support of the buy back. Not so. IOF continued to trade in a tight range and received good support in yesterdays close to finish on $0.62 before going exdiv.

The share price fell to $0.595 on light volume this morning (the div plus) then rallied to $0.605 - $0.61. The buyers at $0.61 were thin on the ground through the day then came out of the woodwork to snap up 2 million in the auction locking in the closing price at $0.61.




$0.595 looks like a support line for now. The rest of the reit's that went ex-div today all seemed to stay on or above the value of yesterdays closing price less the dividend. 

It wouldn't surprise me to see IOF push higher from here. The have sold off two European assets and are closing out the associated debt. They have applied excess funds to buy back share. The NTA is still at a discount to the share value and the financing levels are lower. Then again the market is a fickle lady and shouldn't be taken for granted. As always dyor.


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## nulla nulla (19 March 2012)

Nice rally from iof today. Jumped from $0.61 on open to test $0.625. Made me wonder whether punters have forgotten that iof no longer does quarterly distributions having elected in December 2011 to only do half yearly distributions (this is the week in which iof would normally advise the 1st quarter distribution).





The report out today provided an update on the reconstruction (unloading of European and U.S.A assets and buying further quality Australian assets). The NTA after the buy back is now $0.79cpu. If it can break through the resistance at $0.625 there is no reason it can't go above $0.645 and close the gap between the share price and the nta. The chart looks like it is due for a bounce. As always dyor.


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## nulla nulla (9 June 2012)

Since the share consolidation, IOF has been trading in a higher price bracket. Not sure if this is a reflection of interest from the funds that it is alleged only trade in shares above $2.00 as a matter of policy or if it is a reflection of improved general interest in Australian REIT's.




At any rate it is continuing to provide a regular short term trade-able price spread for those interests. As always, d.y.o.r.


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## nulla nulla (16 June 2012)

With a tight recent trading band between $2.64 and $2.69, it makes it very hard to trade IOF at the moment. While it appears there is a $0.05c spread, unless you are waiting in the buy/sell queue and there is enough momentum to take out your bid/ask you are likely to be restricted to an even tighter band of $2.65 to $2.68. A return of $0.03. 

A return this low(around 1%) can be viable if traded successfully often enough over an extended period but when risk/return is factored, in, the prevailing market sentiment suggest to me that there are better opportunities else where for now. 




Better to keep it on the watch-list for later perhaps  As always, do your own research and good luck.


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## nulla nulla (16 June 2012)

This is a system of rolling over the same capital in the same share I tried in IOF, in our SMSF account, where I tried to re-invested the capital from the previous exit buying slightly  more shares each time. 


DateBuy/SellSharesPriceBrokerageCost/ReturnGain/Loss%30/07/10Buy60,000$0.60$43.56$36,343.56td]

04/08/10Sell60,000$0.63$45.36$37,754.64$1,1411.083.88%09/08/10Buy63,000$0.60$45.36$37,845.3610/08/10Sell63,000$0.625$47.25$39,327.75$1,482.393.92%[/td

16/08/10Buy65,500$0.60$47.16$39,347.1618/08/10Sell65,500$0.62$48.73$40,561.27$1,214.113.09%25/08/10Buy67,500$0.60$48.60$40,548.6003/09/10Sell67,500$0.625$50.62$42,136.88$1,588.283.92%24/09/10Buy70,000$0.60$42.00$42,042.0028/10/10Sell70,000$0.625$43.75$43,706.25$1,664.253.96%Initial buy$36,343.56Final Return$43,705.25$7,360.1120.25%
[td]

[td]

]




























Unfortunately I invested the SMSF funds in other shares after the last exit and did not keep the exercise going. We continued to trade IOF up until the consolidation and have it on our watch list going forward.

The individual trades on their own are relatively small gains but over a three month period provided a return of 20.25% in 3 months.


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## nulla nulla (16 June 2012)

Testing Loading a table


*Date**Buy/Sell**Shares**Price**Brokerage**Cost/Return**Gain/Loss**%*30/07/10Buy60,000$0.60$43.56$36,343.5604/08/10Sell60,000$0.63$45.36$37,754.64$1,411.083.88%09/08/10Buy63,000$0.60$45.36$37,845.3610/08/10Sell63,000$0.625$47.25$39,327.75$1,482.393.92%16/08/10Buy65,500$0.60$47.16$39,347.1618/08/10Sell65,500$0.62$48.73$40,561.27$1,214.113.09%25/08/10Buy67,500$0.60$48.60$40,548.6003/09/10Sell67,500$0.625$50.62$42,136.88$1,588.283.92%24/09/10Buy70,000$0.60$42.00$42,042.0028/10/10Sell70,000$0.625$43.75$43,706.25$1,664.253.96%*Initial buy**$36,343.56**Final Return**$43,705.25**$7,360.11**20.25%*
]


Testing loading a table

Eureka!!!  It works


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## nulla nulla (23 June 2012)

Okay, I couldn't help myself. I took an entry at $2.64 on Wednesday on the basis if I did not achieve an exit at $2.69 by Friday I would hold for the $0.097 div and wait to exit when it recovers from the Ex-div fall. On Thursday when it looked like opening at $2.59 - $2.60, I threw a bid in the queue at $2.62 just before the close of the opening auction. Unfortunately a lot of other bidders saw the action and the opening price raced up to $2.62 leaving me at the back of the queue. Bugger.




Then to top it off, when I went to exit at $2.70 in the Friday afternoon price spike, the missus (she who must be obeyed) said "why would you take a $0.06 profit (less brokerage) when you can do the combo, Div $0.097 and possible capital gain by selling early next week?" 

I think I know what the American Democrat President feels like with a Republican controlled Congress. (see XAO stock banter thread) . I'll just have to let the capital ride out the ex-div fall and look for an exit on the first spike above $2.65. As always d.y.o.r.


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## nulla nulla (30 June 2012)

Got the div and put an exit in for $2.65, partial sell on Monday with the rest getting snapped up on Wednesday as the share price rocketed back up. Then on Friday the share price ripped back up to $2.71 arround midday? 




Any one would be excused for thinking it had not gone exdiv with a $0.097 div. Go figure. I will continue to monitor it for a tradeable pattern to emerge before going again.


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## nulla nulla (14 July 2012)

Is $2.70 - $2.77 the new trading range or is it too early to call still?




I might continue to sit this one out for the time being until I'm more confident of where it is going. D.Y.O.R. and good luck.


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## nulla nulla (25 August 2012)

Well IOF became popular as the market sentiment shifted to those shares, like Australian REIT's, that have a yield better than bank rates. The share price took off working its' way up to $2.99 before falling back to find a support level arround $2.83. However, Fridays close was a worry to me. The share was tracking through the day in a tight band mostly arround $2.85 - $2.86 when it dropped, in the run up to the close, to $2.83 and stayed there on smallish turnover in the auction. To me, the chart suggests there is a pennant forming with a possible break out below $2.83 comming?




The report is due out and it appears that the market may not be confident that it will be a good one? Time will tell. As always d.y.o.r and good luck. .


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## herzy (26 August 2012)

Hey Nulla Nulla - fascinating read, and congratulations on your excellent returns! Seems like a great stock to follow. I have one question - How did it go from NTA of .79 and sp of ~60-65, to $2.80 odd??

Will follow with interest, I comment more to encourage and thank you than because I have much to add (not being a trader). Still, seems like a fairly simple and effective strategy (pay attention to a trading band, buy low, sell high).


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## nulla nulla (26 August 2012)

herzy said:


> Hey Nulla Nulla - fascinating read, and congratulations on your excellent returns! Seems like a great stock to follow. I have one question - How did it go from NTA of .79 and sp of ~60-65, to $2.80 odd??




From memory, at the last AGM, the share was consolidated 4 to 1. There are some funds that have a policy of not investing in shares with a value under a pre determined point such as $2.00 or $1.00. In theory, by consolidating the shares, the REIT's attract large funds to their share registry and hopefully improve the share price. Seems to have worked for iof.


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## nulla nulla (1 September 2012)

On Friday IOF took an unexpected downward plunge (for me at any rate) during the later part of the day. I don't know what drove the fall. It seems excessive in respect of the rises experienced since the consolidation. While the recent report wasn't the greatest, the future isn't totaly negative and the balance between the yield, p/e ratio and discount to nta still makes iof a reasonably attractive proposition going forward.




Of course this amounts to nothing when the market sentiment turns negative. Strap on the seat belts we may be in for a bumpy ride. As always, d.y.o.r. .


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## nulla nulla (9 September 2012)

Stellar week for iof. Opened on Monday at $2.83, dipped to $2.81 then rallied to close the day at $2.88. For Tuesday, Wednesday & Thursday iof opened higher but drifted lower through the day although the lows were getting higher. Friday saw a higher open at $2.91 with a tightly held turnover before closing at $2.93 a high for the week. All-in-all iof closed out the week up $0.10. 




The chart looks good and the gap on nta continues to narrow. The reliable yield continues to encourage the dividend investors and the low debt to equity ratio encourages the big players to hang in there. The risks appear lower and the rewards higher for long term holders. The day to day spread also offers posibilites for short term traders.

As always d.y.o.r and good luck.


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## nulla nulla (29 September 2012)

For much of August IOF found support at $2.83 and resistance at $2.90, then it broke above $2.90 and tested $3.00 (interday 12/9/12). This is the second time iof has tested $3.00 in the past 2-3 months..




IOF has been drifting back down over the past few weeks but appears to be finding support at the $2.89 level (although it did test $2.86 on thursday). It will be interesting to see if IOF can rally again from here or if it continues the drift down to the previous support level of $2.83.


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## nulla nulla (26 October 2012)

I found an interesting table in the IOF report for 25 September 2012. It is a list of the top 20 share holders for IOF as at 31 August 2012.


	Rank		 Name		 31 August 2012		 % 	    	1		 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED		170,053,311		27.69%		2		 J P MORGAN NOMINEES AUSTRALIA LIMITED		111,790,172		18.21%		3		NATIONAL NOMINEES LIMITED		83,581,598		13.61%		4		 CITICORP NOMINEES PTY LIMITED		22,883,254		3.73%		5		 CITICORP NOMINEES PTY LIMITED		21,373,982		3.48%		6		 INVESTA LISTED FUNDS MANAGEMENT LIMITED		17,054,708		2.78%		7		 JP MORGAN NOMINEES AUSTRALIA LIMITED		15,238,362		2.48%		8		 BNP PARIBAS NOMS PTY LTD		8,955,190		1.46%		9		 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED		8,793,314		1.43%		10		AMP LIFE LIMITED		8,491,242		1.38%		11		 EQUITY TRUSTEES LIMITED		6,999,085		1.14%		12		 BNP PARIBAS NOMS PTY LTD		6,709,469		1.09%		13		 QUESTOR FINANCIAL SERVICES LIMITED		6,204,481		1.01%		14		 SHARE DIRECT NOMINEES PTY LTD		5,230,045		0.85%		15		 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED		3,104,150		0.51%		16		 BOND STREET CUSTODIANS LIMITED		2,837,793		0.46%		17		 BNP PARIBAS NOMS PTY LTD		2,533,024		0.41%		18		 AVANTEOS INVESTMENTS LIMITED		2,001,009		0.33%		19		 BOND STREET CUSTODIANS LIMITED		1,768,668		0.29%		20		 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED		1,598,691		0.26%		TOTAL	 	507,201,748		82.60%		Balance of Register	 	106,845,710		17.40%		Grand TOTAL	 	614,047,458		100.00%	

I thought it made for interesting reading. More than 50% of the shares are held by three shareholders, 80% of the shares are held by 20 shareholders and only three (3) shareholders have substantial holdings (more than 5%). It is not really surprising that IOF has been trading relatively low volumes recently.




The chart shows the current strength of IOF in recent weeks, the share price being pushed over the $3.00 mark to $3.04 interday Friday 26-10-12 on comparatively low volumes. Watching with interest. As always d.y.o.r.


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## nulla nulla (27 October 2012)

On closer inspection it seems that the top 20 shareholders controlling more than 80% of the shares are in fact the top 13 share holders with 5 shareholders controlling two or more seperate holdings each. The top three (3) shareholders control more than 60% of issued shares. Probably some for themselves and some as nominees or custodians for their clients.


 8		 BNP PARIBAS NOMS PTY LTD		8,955,190		1.46%		12		 BNP PARIBAS NOMS PTY LTD		6,709,469		1.09%		17		 BNP PARIBAS NOMS PTY LTD		2,533,024		0.41%	   *	2.96%	*	16		 BOND STREET CUSTODIANS LIMITED		2,837,793		0.46%		19		 BOND STREET CUSTODIANS LIMITED		1,768,668		0.29%	   *	0.75%	*	4		 CITICORP NOMINEES PTY LIMITED		22,883,254		3.73%		5		 CITICORP NOMINEES PTY LIMITED		21,373,982		3.48%	   *	7.21%	*	2		 J P MORGAN NOMINEES AUSTRALIA LIMITED		111,790,172		18.21%		7		 JP MORGAN NOMINEES AUSTRALIA LIMITED		15,238,362		2.48%	   *	20.69%	*	9		 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED		8,793,314		1.43%		15		 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED		3,104,150		0.51%		20		 RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY LIMITED		1,598,691		0.26%	   *	2.20%	*


Their influence on the voting at the AGM would be hard for the board of directors to ignore. Also anyone interested in making a take-over play would only have to get the top three shareholders on side. Done deal.


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## nulla nulla (8 November 2012)

*Ouch.* 

Huge pull back today in the post Obama Presidential election win. Way more than I expected considering there is a tidy little December dividend looming (payable in February 2013).




I'm in. What would I know?  As always d.y.o.r. If I do my bundle you'll know about it down the road. I'll be the bloke selling biro's that don't work, outside of Wynyard Station in Sydney.


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## Out Too Soon (19 November 2012)

Seems to be on the mend after the "ouch!" bounced off 2.81 which seems to be the lower limit for now.


Fingers crossed


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## nulla nulla (19 November 2012)

Held at $2.81 but encountering resistance at $2.87. Volumes of turnover are fairly low recently, so it doesn't appear that there is a mad panic on to get out or that any large hedge funds a running a short exercise.

 I'm still in, but if anyone wants to supliment my income drop by Wynyard Station and buy some biro's. . if I had some spare $ I would have topped up at $2.82 to reduce my average to $2.87. Such is life.


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## nulla nulla (19 November 2012)

What a difference a day makes. Quit the job selling biro's. Thanks everyone for your support, I sold enough to cover a big mack and some fries for lunch.

Today the market rose a few points and the buyers came out of the woodwork for the reit's. IOF opened at $2.88 then climbed through the day to close on the high of $2.91. Up $0.07 or 2.46% on Fridays close. Still oversold, in my opinion, however there is no guarantee that todays rebound is nothing more than the old "dead cat" bounce. As always d.y.o.r and good luck.


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## nulla nulla (19 November 2012)

Wrong computer earlier. Attached is the six month chart with the action for the last week.





I'd like to think that there is more scope for the share price of IOF to recover from here than there is reason for it to fall. However the market is a fickle lover and can change direction on the slightest whim, leaving me out in the cold. Still a good yield play at the moment but the international scenario is looking very grim with border conflicts in the middle east, a stuffed up Europe, a stuffed up U.S.A and persistant concerns on China. As always, d.y.o.r. and good luck. (If you have access to a good chart software, it is worth looking at the M.A.C.D and R.S.I charts as well).


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## nulla nulla (8 December 2012)

It is nice to get one right from time to time. IOF proved me right, rebounding steadily from the low of $2.82 to tap $3.04 shortly after open on friday (just below the recent new interday high of $3.05).




With a distribution announcement due on/or about 21 December 2012, I suspect the IOF has the capacity to retest the $3.05 levels (and maybe higher?) in the next two weeks or so. Naturaly I could be wrong, I often am, so I caution you to do your own research etc. Good luck


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## nulla nulla (15 December 2012)

IOF continued to display volitility during last week. After managing to hover arround the $3.02 - $3.05 price early in the week IOF (and a few other reit's) seemed to get savaged on thursday pushing down to test $2.93. My buy order at $2.95 didn't look like getting filled during the morning. Twice the share price dropped to $2.95 on the buy side and $2.96 on the sell side but rebounded above $2.96 after some miniscule trades at $2.955. Bored, I went out to lunch. 

When I returned the share price was still buy $2.95 - sell $2.96 but the price had dropped to $2.93 during lunch and my order was filled . There is a theory that some of the funds are waiting until lunch time to run a shorting exercise on the chance that they may trigger the stop losses of other brokers who are on their lunch break. The stop loss triggered sells then push the price down further, at which point the shorters close out their trades. Clever buggers. Sometimes having a low ball offer sitting in the queue can be well rewarded. . 




In my humble opinion, the price rally up to $3.00 on Friday, before sliding back to $2.96 in the friday afternoon sell off, bodes well for next week when the distribution notice is due. It will be interesting to see whether IOF can rally above $3.05 or has reached its' peak. As always do your own research and good luck.


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## nulla nulla (23 December 2012)

The chart says it all. Another interesting week for IOF, bouncing around all week between $2.95 (with dips to $2.94) and $3.04 with (spikes to $3.05). I threw the parcel I picked up at $2.95 into the sell queue at $3.04 but the buying early in the week faded out at $3.03. When the price dipped again on Tuesday I topped up with another parcel at $2.96 (could have waited for $2.94).

The Thursday open looked like being low (arround $2.83) and I threw in another bid at $2.87 however shortly before open a bidder popped up in the queue for 2,100,000 at $2.99 ensuring the open was high. I let the shares bought at $2.96 go at $3.04 electing to keep the ones bought at $2.95 for a combo div and capital gain. They were in the money for a few seconds on friday as very small volumes held the share price up to $3.00+ but the sellers soon pushed IOF back to the close of $2.94.




I'm fairly confident IOF will rally again in the days/weeks ahead. The fiscal cliff continues to provide uncertainty in the market and investors don't know whether to seek security in yield or opt for growth opportunities in resources. However I also still have the bid in the queue at $2.87 in case it drops further. I guess the volitility makes for opportunites. As always do your own research and good luck.


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## Garpal Gumnut (23 December 2012)

nulla nulla said:


> The chart says it all. Another interesting week for IOF, bouncing around all week between $2.95 (with dips to $2.94) and $3.04 with (spikes to $3.05). I threw the parcel I picked up at $2.95 into the sell queue at $3.04 but the buying early in the week faded out at $3.03. When the price dipped again on Tuesday I topped up with another parcel at $2.96 (could have waited for $2.94).
> 
> The Thursday open looked like being low (arround $2.83) and I threw in another bid at $2.87 however shortly before open a bidder popped up in the queue for 2,100,000 at $2.99 ensuring the open was high. I let the shares bought at $2.96 go at $3.04 electing to keep the ones bought at $2.95 for a combo div and capital gain. They were in the money for a few seconds on friday as very small volumes held the share price up to $3.00+ but the sellers soon pushed IOF back to the close of $2.94.
> 
> ...




I have been watching this for an entry. It looks a bit toppy to me now though.

The weekly over the last year illustrates this.

I would not be surprised to see it retreat to support at $2.60






gg


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## nulla nulla (23 December 2012)

Garpal Gumnut said:


> I have been watching this for an entry. It looks a bit toppy to me now though.
> 
> The weekly over the last year illustrates this.
> 
> ...




In my humble opinion, IOF is highly unlikely to retrace to a level of 12 months ago, unless there was a sunami or nuclear disaster. IMO the relative security and yield offered to investors on the investment at the present levels, would make it highly unlikely for IOF to retrace below the recent support levels of $2.87 and $2.82.

The relative strength chart for IOF for the last 12 months, shows that IOF was significantly oversold when it dropped to $2.81 in mid November 2012 and is dipping into the oversold area currently when it tests $2.94.




The fundamentals for IOF at $2.94 are:






If anything, with the prevailing issues in Europe and the "Fiscal Cliff" negotiations in the U.S being at an impasse, I would not be surprised to see IOF retest $3.02+ in the next 2-3 weeks. If it drops to the $2.81 - $2.87 area I will take advantage of the opportunity to accumulate more.  As always, do your own research and good luck.


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## nulla nulla (12 January 2013)

IOF continued to provide opportunities for entries at the $2.95 area and exits above $3.00 through xmas/new year and this past week. Traded out of the pre div entry for a nice combo div and capital gain with the opportunity to jump in for another trade two days later. 




The lows were getting a bit higher from Wednesday through Friday with a support comming at $2.97. However resistance continues at the $3.01 - $3.02 levels. Volumes have thinned right out and it is increasingly difficult to move any sizeable parcels with confidence. Might have to sit on the sidelines with this one until volumes return to normal. As always, do your own research and good luck.


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## nulla nulla (27 February 2013)

The lows got higher and the highs got higher still. IOF followed the euphoric surge of most of the A-REIT's and banged up to test the dizzy heights of $3.14. It appears that the previous resistance level of $3.04 could now be a support level? Well at least until the market falls off the "fiscal cliff".




The drop to $2.98, to me was screaming "buy me", so I did. As always, do your own research and good luck.


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## nulla nulla (9 March 2013)

This last two weeks the share price rallied back to $3.10 (tapped $3.11) dropped back to $2.98 then rallied again to test $3.09 on Friday before fading slightly in the closing auction to finish on $3.08. I don't know why the share price fell in week ending 1/3/13 then rallied again. However when the release came out about the property developement with Leightons with funding commited for the next couple of years, the market reacted badly and sent the share price down again to $2.98. 




At least there was a reason for the sell off the second time, the market anticipated that earnings will fall or be static hence the sell off. The recovery shows IOF has plenty of supporters in respect of the portion of shares available to trade/invest in that aren't tied up by the majority share holders. Mrs nulla was quick to seize this opportunity and managed to get in last week at $3.00, out at $3.09, back in this week at $3.01 and exiting her second parcel at $3.08. I held out for $3.12 on the first parcel picked up at $2.99 (last week) missed the exit, doubled up at $2.98 start of this week and rolled out in the rally at $3.04 and $3.07. A good two weeks all round for the nulla & Mrs nulla self managed super fund. Gotta love this volitility.

As always do your own research and good luck.


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## nulla nulla (23 March 2013)

The volumes aren't big and there seems to be a lot of small trades, however the share price has been moving in a ten cent ($0.10) spread on a regular basis and presenting trade opportunities for the quick, the bold and the insane.




The fundamentals are still good at this level too:






As always, do your own research and good luck.


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## nulla nulla (7 April 2013)

It will be interesting to see if the $3.06 closing price of Friday 5/4/13 will be supported and whether IOF will rebound to $3.11+ or will the share price continue to fall to or the lower support levels of $3.00 - $3.02?




The fundamentals are still sound and IOF is yet to be subjected to the extent of yield compression of the rest of the market.






As always do your own research and good luck.


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## nulla nulla (12 April 2013)

Strewth. Someone forgot to read the script. IOF was supposed to bounce along between $3.02 and $3.12 with occaisional spikes/dips outside the channel. However, having spiked to $3.12+ yesterday it was supposed to consolidate or slide back to $3.06 or lower. Who would have thought that IOF could spike up to $3.23 before closing on $3.22?




A comparison of the fundamentals at last weeks close of $3.06 ($0.08 below the NTA value) against this weeks close of $3.32 ($0.08 above the NTA) follows:






With a yield compression trending toward 5% you have to wonder whether IOF can hold these levels without some announcement in respect of growth/earnings lift or a take over. Proceed with caution and do your own research.


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## skc (12 April 2013)

nulla nulla said:


> Strewth. Someone forgot to read the script. IOF was supposed to bounce along between $3.02 and $3.12 with occaisional spikes/dips outside the channel. However, having spiked to $3.12+ yesterday it was supposed to consolidate or slide back to $3.06 or lower. Who would have thought that IOF could spike up to $3.23 before closing on $3.22?
> 
> A comparison of the fundamentals at last weeks close of $3.06 ($0.08 below the NTA value) against this weeks close of $3.32 ($0.08 above the NTA) follows:
> 
> With a yield compression trending toward 5% you have to wonder whether IOF can hold these levels without some announcement in respect of growth/earnings lift or a take over. Proceed with caution and do your own research.




I think the yield compression is here to stay. The strength in the REITs today was remarkable. CFX, DXS, CPA, CQR, MGR, SGP - strong across the board. All close to or pushing towards new highs. Even ALZ jumped a fair bit despite rumours of a block trade by major holder.

I am guessing it's the tsunami wave from the ever falling Yen hitting our shores looking for yields. And remember that overseas investors don't get franking credit, so a 6% yield on a REIT / utilities is better than a 5.5% yield on the banks.


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## nulla nulla (12 April 2013)

skc said:


> I think the yield compression is here to stay. The strength in the REITs today was remarkable. CFX, DXS, CPA, CQR, MGR, SGP - strong across the board. All close to or pushing towards new highs. Even ALZ jumped a fair bit despite rumours of a block trade by major holder.
> 
> I am guessing it's the tsunami wave from the ever falling Yen hitting our shores looking for yields. And remember that overseas investors don't get franking credit, so a 6% yield on a REIT / utilities is better than a 5.5% yield on the banks.




Hmmm...however the Aud$ is fairly high atm against the US$ and the high A-REIT price combined with the high Aud$ is usualy a sell trigger for overseas investors taking the combo of higher sell prices and higher conversion rates?

Personaly, I think todays 2% jump in A-REIT prices was a burst of irrational exuberance, possibly driven by the disclosure that Goldman Sachs was telling clients to sell Gold and invest in shares.  The logical choice being the higher yield stocks (such as A-REIT's). If their clients managed to soak up entry at or arround 5% yields rates and the market took off compressing yield rates to less than 5%, as you point out, they are far better off than bond holders and bank deposits.

However, if the European issues and the fiscal cliff problem re-emerges, reality may mean a return to the thursday and prior levels. Currently, it is indeed a time to tread carefully. Buy and hold investors having purchased sub $3.00 could do very well to sit and hold. Traders may just have to wait for the next range/spread to develop.


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## nulla nulla (20 April 2013)

Well the buy and hold traders that bought below $3.00 are doing very well indeed. Up by 10% and some new highs.





The tsunami wave of the Japanese investors money hitting our shores is allegedly not only driving up the share prices but also supposed to be looking to soak up good properties with solid rental returns. Over the past few weeks IOF has jumped off a low of $3.03 to hit $3.33. even at the closing price on friday the yield is still 5%. It is possible that IOF could sneak a little higher?






As always, do your own research and good luck.


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## nulla nulla (19 May 2013)

IOF has been jumping arround like an over excited kid in a jumping castle. Ranging from low $3.20's up to $3.34 (with a spike up to $3.42) on low volumes it has been a testing choice of shares to try and trade.




While other A-REIT's finished the week in the mid range for the week following on from the volatility in the sector, IOF closed out on Friday at a high of $3.35. The share price climb is definitely rewarding long term holders. Yield is still in close enough proximity to 5% for IOF to attract the attention of yield chasers in the A-REIT sector.






The volatility continues to provide short term opportunities for the hit and run drivers amongst us. Mind you the spread is tight and the volumes are thin making trading very hairy. As always do your own research and good luck.


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## tinhat (19 May 2013)

nulla nulla said:


> IOF has been jumping arround like an over excited kid in a jumping castle. Ranging from low $3.20's up to $3.34 (with a spike up to $3.42) on low volumes it has been a testing choice of shares to try and trade.
> 
> The volatility continues to provide short term opportunities for the hit and run drivers amongst us. Mind you the spread is tight and the volumes are thin making trading very hairy. As always do your own research and good luck.




Thanks for posting this chart and the GPT one. Interesting. IOF moved up a fair amount on good volume and closed on its high on Friday. Trading on a yield of <5% without franking credits.


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## nulla nulla (1 June 2013)

Like most of the other A-REIT's IOF fell back from the dizzy heights of April and early May. The daily trading on IOF has been eratic jumping several cents up and down on trades of relatively low volumes. 




Good if you can pick up some volume low and find a buyer up high but this last 7 - 10 days has been mostly a downtrend and to risky to venture into in my humble opinion. The yield could attract investors in the lead up to the exdiv date...maybe.

As always do your own research and good luck.


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## nulla nulla (19 October 2013)

After falling from the lofty heights of $3.40 in late May IOF tapped an interday low of $2.72 on 24 June 2013, a drop of 20%. It would have been scarey if not for the probability that it was overpriced at the higher levels. Possibly inflated by an iflux of cheap overseas funds chasing local yields. That all came undone when the Aud$ started to get sold down from US$1.06 to US$0.90. Foreign buyers at the upper price levels got hit with the double whammy of a falling share price and a falling Aud$. That 20% share price fall equated to something like a 30%+ price fall for foreign buyers, ouch.




Fortunately for IOF followers, the share price fell into trading range between $2.89 and $3.05 for the confident, brave and those suffering from sun stroke. The only problem was the daily volumes. The share price would dip on low volumes, recover then find buying and selling volume support. Often the viable trading range for those wanting to churn any reasonable trade parcels was only a few cents. I couldn't, even if I had wanted too, as (until Friday) my capital was tied up in GPT & WRT. It will be interesting to see whether IOf tries to retest the lofty heights or settles back under the recent resistance levels. As always do your own research and good luck .


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## nulla nulla (16 November 2013)

"Slowly but surely, step by step...." I'm sure there was a horror movie a long time back with that line in it, describing the approach of some hidious monster. Don't get me wrong. IOF is certainly not a hidious monster but the share price certainly seems to struggle to make any sustainable advances.




While the price has lifted from the $3.00 to $3.10 range and is now testing the $3.11 - $3.18 range the trades are generally low and IOF seems to be able to swing either way, lifting or dropping a few cents on barely any shares being turned over. Daily volumes are fair but the trade parcels make me wonder how these "traders" are making anything out of it. IOF will go ex-div in December and there may be some interest from the yield chasers in the lead up, maybe? Then again the Aud$ is likely to take another fall on the back of any rumurs regarding the slowing of quantative easing and this will drag our A-REITs down again. Mind You if IOF goes under $3.00, in my opininion, it becomes a screaming buy. As always do your own research and good luck .


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## nulla nulla (1 December 2013)

You have to love the hype that surrounds the share market. It is entirely driven by ardrenalin and often has little or no substance. IOF took off like a scalded cat when GPT lobbed a counter bid for CPA. The hype was that IOF would also become a takeover target and the speculators jumped in pushing the price up to $3.28. Fairly amazing when you stop to consider how tightly the shares in IOF are held by the major shareholders. The price hike was on shinny volumes but this didn't seem to bother anyone. Not surprisingly the share prices drifted down again last week testing $3.12 on Friday. 





Don't be surprised if IOF tests lower next week. But watch for a bounce as it comes back to parity with the NTA (and posibly a small premium?) As always, do your own research and good luck.


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## nulla nulla (6 February 2014)

In favour, then out of favour. IOF continues to oscilate. The volatility providing opportunities for the brave and insane among us.

I thought $3.05 was a low risk entry point on Tuesday so I wasn't impressed when the trend continued lower to $3.02 yesterday.




The recent channel suggests IOF could find support and bounce from here, but the longer term trends of the All Ords, the property sector and IOF also show that our market could be falling with IOF capable of drifting down to $2.97 (or lower). Volumes have lifted the last few trading days. I'm not qualified to say this is a sign of desperate sellers or eager buyers. You do your own research and you takes your chances or you don't . Good luck.


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## coolcup (6 February 2014)

nulla nulla said:


> In favour, then out of favour. IOF continues to oscilate. The volatility providing opportunities for the brave and insane among us.
> 
> I thought $3.05 was a low risk entry point on Tuesday so I wasn't impressed when the trend continued lower to $3.02 yesterday.
> 
> ...




In addition to this commentary, the other major issue surrounding IOF is a potential takeover offer from GPT that has been mooted for some time after GPT missed out on CPA. The biggest stumbling block in a potential deal is that IOF's manager Investa is a better office manager and has a large pipeline of assets it can sell into IOF to further future growth. Investa's appetite to sell and GPT's appetite to take another bite after a series of failed M&A attempts will be key to any deal getting legs in my view.


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## nulla nulla (6 February 2014)

coolcup said:


> In addition to this commentary, the other major issue surrounding IOF is a potential takeover offer from GPT that has been mooted for some time after GPT missed out on CPA. The biggest stumbling block in a potential deal is that IOF's manager Investa is a better office manager and has a large pipeline of assets it can sell into IOF to further future growth. Investa's appetite to sell and GPT's appetite to take another bite after a series of failed M&A attempts will be key to any deal getting legs in my view.




I suspect that GPT's announcement of abandoning the CPA bid and recommencing the share buy back has thrown some cold water on the prospects of an IOF takeover bid by GPT. The office assets of IOF are unlikely to fall into the same calibre as those of CPA and are less attractive to GPT. In my opinion the lack of confidence in a bid from GPT is probably the main reason that IOF has been sold down to the extent it has.

The merger with the parent company was mooted in January but it seems to have gone quiet in the media. IOF is fairly tightly held by the large investors, there isn't a lot of shares in play for retail investors which is one of the reasons the share price can fluctuate on small volumes. In my humble opinion, at $3.00 IOF is oversold. But my opinion matters very little when the market decides to unload their holdings and invest somewhere else.


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## coolcup (6 February 2014)

nulla nulla said:


> I suspect that GPT's announcement of abandoning the CPA bid and recommencing the share buy back has thrown some cold water on the prospects of an IOF takeover bid by GPT. The office assets of IOF are unlikely to fall into the same calibre as those of CPA and are less attractive to GPT. In my opinion the lack of confidence in a bid from GPT is probably the main reason that IOF has been sold down to the extent it has.




Completely agree with this. Will be interesting to see how GPT manages to reach its $10bn FUM goal.


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## nulla nulla (6 February 2014)

coolcup said:


> Completely agree with this. Will be interesting to see how GPT manages to reach its $10bn FUM goal.




Don't forget that GPT did a deal with Dexus, conditional on Dexus getting 100% of CPA, for Dexus to sell GPT about $1.6 billion of CPA Office assets. That will move GPT closer to the $10b funds under management. Given the extent that GPT has available funding, it shouldn't be too hard for GPT to cherry pick as and when the A grade assets become available.


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## nulla nulla (6 April 2014)

Like the rest of the A-REIT Sector the IOF share price is bouncing around on the volatility of the international arena and the jawboning of the Aussie economy by Glen Stevens. 

For the insane and/or very brave there appears to be a tradable range when entries present themselves around $3.18 with an exit around $3.24.




I did say "insane and/or very brave". Unfortunately I am not very brave and the current IOF price levels are too close to their tops for me to consider a risky entry. Personally I consider it is just as likely for IOF to test the lows of $3.10 as it is for it to climb above $3.26. Additionally I think the prospects of IOF being a take-over target have been diminished by the purchase of a 19.5% stake in Australand by SGP and the carve up of CPA by Dexus and GPT. As always, do your own research and good luck.


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## nulla nulla (11 April 2014)

This share, in my humble opinion, is amazing. The shares are tightly held by a handful of share holders. But what shares there are available for the market to dabble with, seem to turnover with significant spreads on modest trade volumes.




Whether it can keep going or returns to support levels around $3.20 (+/- 2c) remains to be seen. As always do your own research and good luck.


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## Toyota Lexcen (13 April 2016)

will be interesting to see what happens with this one, If takeover does collapse you would think that IOF would loose a bit

hopefully someone lobs a better offer on the table thursday!!


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## nulla nulla (14 April 2016)

Toyota Lexcen said:


> will be interesting to see what happens with this one, If takeover does collapse you would think that IOF would loose a bit
> 
> hopefully someone lobs a better offer on the table thursday!!




The Dexus bid of scrip and cash (when the Dexus price was high $7.00's) valued IOF at $4.11;
Cromwell snapped up their 9.8% stake this week (using scrip and cash) valuing IOF at $4.24;
Cromwell have advised the chair of the Independent Directors Committee that they look forward to the outcome of the IOF share holders meeting on Friday (without disclosing their voting intentions); and
Dexus now has to contend with the hostile Morgan Stanley shareholding, the Cromwell share holding and those apathetic share holders that won't vote. 

The likelihood of Dexus completing the takeover must be diminishing. Dexus has politely pointed out that they may be entitled to a break fee if their offer doesn't get up before 31 December 2016. I suspect that the Dexus share price surged to new highs this week (after the Cromwell purchase) as the market sees the acquisition of IOF as being less likely. I also suspect that was the reason that the IOF share price fell back (after the initial surge when Cromwell announced their acquisition).

The big winner in all of this is CBRE who sold out to Cromwell at $4.24.


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## greggles (28 May 2018)

Investa Office Fund have announced today that they have received an unsolicited, indicative and non-binding proposal from funds managed or advised by Blackstone Singapore Pte. Ltd. in relation to a proposal to acquire IOF by way of a trust scheme.

Under the proposal IOF unitholders will be entitled to $5.25 cash per unit reduced by any distributions declared or paid by IOF after 4 May 2018 and prior to completion of the proposal. The proposal represents an offer price of approximately $5.15 per unit once IOF's expected 2H18 distribution is taken into account (based on previous distribution guidance). This distribution is expected to be paid to IOF unitholders in August 2018.

The Directors of Investa Listed Funds Management Limited intend to unanimously recommend that IOF unitholders vote in favour of the proposal, subject to an Independent Expert opinion that the proposal is in the best interests of IOF unitholders and in the absence of a superior proposal.

Looks like reasonable outcome for IOF unitholders when looking at a 10 year price chart.


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## nulla nulla (28 May 2018)

NTA was $4.95 last time I looked. The offer at $5.25 ($5.15 after the distribution) is only 4% more than NTA. Puts a fairly low value on the income stream etc. If I was holding I would probably take the offer and redirect my investment but I don't think it is a great outcome.


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## System (18 December 2018)

On December 17th, 2018, Investa Office Fund (IOF) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between IOF and its security holders in connection with the acquisition of all the issued capital in IOF by entities affiliated with Oxford Properties Group.


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