Update

CER - Amalgamation vote pending.  Requires 75% of CER non-associated holders. CNP-related interests hold c.52%.  Potential blocking stakes in excess of 12% held by three fund managers. 

GAP - Continued strong operational performance. 2.2c per share dividend close to 10% yield.

PPX - Continued restructuring against a backdrop of deteriorating conditions. Management taking cost out of business. Still waiting for the turnaround.  Too early on this one. 

LGD - Good performance but then loss of major customer.  

FGL - SABMiller takeover pending.

APH - Buyout at 40c.

VPG - Buyout at $1.80. 

Ongoing Watchlist


AUN - Pending ACCC decision on $1.52


HST - Recapitalisation at $0.14. Debt repayment. 


OCP - Vote on capital return.


MIX, RNY - US property trusts at significant discounts to NAV.

RDF - Takeover offer rejected $2.50/$2.55.