This week Aveos parent FKP saw its share price hit 21 cents, down from 41 cents exactly 6 months ago a 50% drop in value. See its chart opposite. The question is, how much longer can the likes of Stockland hold off making an offer given its first right of refusal for the Aveo crown jewels? Looking back to 2008, it is hard to believe that in January that year FKP was trading at $6.40. But then it dropped to 65 cents by 27 November (2008) and has never recovered. FKP continues to look for a new CEO to replace Peter Brown who retired on 14 September. The Executive Chairman Mr Seng Huang Lee and major shareholder in Malaysias Mulpha FKPs largest shareholder is Acting CEO while Peter Browns replacement is being searched for.
Opinion
Scape moving to acquire Aveo is good news – here is why
It was revealed in the Financial Review this week that Australian student accommodation giant Scape is now the exclusive bidder to buy Aveo, for an indicated $3.5B. They will bring fresh thinking to the retirement village sector. Take a step back...
