One of Lendlease’s largest shareholders says it could extract up to $4 billion by exiting overseas projects, plan put to the property giant by an activist investor who is warning the company could fail without a major change to its strategy.
that Lendlease’s performance was “disappointing” but believed the company was headed in the right direction. Aware Super and the Australian Retirement Trust, which hold 8.6 and 5.3 per cent stakes in Lendlease respectively, declined to comment.Mr Mawhinney said Lendlease’s capital costs needed “to fall dramatically” and wanted a commitment to “wholesale exits” from international developments.
“Then you can see the progress they are making on recycling that capital . They should pay debt initially, and then give what they do not need to keep, back to shareholders”.
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Source: FinancialReview - 🏆 2. / 90 Read more »