He was referring to a fax sent from financial advisers Growth Portfolio Managers to Cenprop chairman George Thomas, expressing concern at the recent valuation of Cenprop properties and aspect of its unbundling.

The board of Cenprop has proposed that the group sell its assets to Hyprop Investment, ApexHi Investment and Capital Property Fund (Corpcapital). It opted for that as its portfolio of properties had become unbalanced, with two properties making up 75%.

The advisers were unhappy with Cenprop writing down R136m on the valuation of its properties in interim results for the six months to June released this month after a R16m writedown for the year to December.

Apart from the loss in value, Growth Portfolio Managers wanted to know why the price at which Corpcapital units were to be issued to Cenprop in payment for the properties to be purchased was not disclosed. It also wanted to know if there would be any cost for cancelling its management contract with Property Fund Managers and JHI Real Estate.

Ryan down played these concerns. He said Cenprop investors would get more details on the proposed unbundling in the next three weeks. He advised investors to first look at the details of the proposal before condemning it.

At the interim results, Cenprop's headline earnings fell to R23,7m from R29,5m previously. Cenprop's share price yesterday closed unchanged at R2,20c on the JSE Securities Exchange SA .

Business Day