CWN -0.53%: held its AGM today and there wasn’t a lot of new news to report. They reiterated the huge refresh that has occurred at board and senior management level, they talked to opportunities in the future but near term challenges, they copped heat and rightly so from shareholders about termination payments which were excessive delivering the board with a second strike while the only real bright spots were Perth and apartment sales in Sydney which is going to fuel further delevering of their balance sheet while the outcome around their licensing remains the key variable. When all is said and done, we suspect they’ll retain the licenses under stricter conditions, however if we’re wrong and they don’t, we estimate that they’re property portfolio is worth $8-$8.50 per share alone.
MM remains bullish Crown (CWN)
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