No way

A quick grumble... I have two picks in the property sector that I hold units in - GrowthPoint and ApexHi B...

Earlier this week I saw the offer from Redefine Income Fund to buy out the units in Madison and ApexHi.

As an ApexHi shareholder I intend voting against the offer. The distribution yield in APA / APB exceeds what was on offer in Redefine (irrespective of the promises for 2010.)

On top of that the conversion ratio doesn't seem particularly generous to APA / APB unit holders to convert to Redefine.

Finally Redefine is going to have to issue a bucket load of new shares to fund the deal.

Definately voting against the deal and I encourage other ApexHi unit holders to do so as well...