Member Info for Maddox

With hedge fund Elliott now joining the fray there is little reason for the remaining shareholders to concede to Lone Star's low ball offer. This takeover just got a whole lot more UK interesting! Regards Maddox

Another failure to secure shareholders support and yet another extension. Are the Board too stupid to understand what their shareholders are telling them? If the Board had any regard to their shareholders' interests they'd be putting an improved offer on the table. Have they no dignity?!?! Still no reason to accept - 131p looks more lousy every day. Regards, Maddox

Hi Sampson, 200/225p would be nice but unless another bidder appears I doubt that price is achievable short-term. But I reckon that we could get to 150p just on resumption of the dividend, which can't be too far off. Much of QEDs b/s assets are not currently generating any income but as it is developed and sold or developed and kept the business will be transformed. I like QEDs plans to develop a private rental portfolio at Wembley. I'm reading lots of articles suggesting that there is a massive under-supply of housing particularly in London and house price inflation is running at 6%. That 6% will apply to the gross value of QEDs land assets not the NET asset value (NAV) the debt will not change. So whichever way - taking 131p now - in no reflects QEDs prospects. Cheers Maddox

Hi Guys, After failing to secure sufficient acceptances to their lousy 131p offer - they have given us the wonderful opportunity to reject it all over again. They only managed to get 53% acceptance - way short of the 75% they need to force unconditional acceptance of the deal. Many of the acceptances will have been 'default accepts' by the Nominee in view of the Board recommendation. A no vote is the more considered option and so it is a clear and unambiguous rejection to the Board. So whilst they re-consider what price to pitch to us it is worthwhile to get your vote in early and let them know yet again what we think of their lousy offer. Regards, Maddox