It's another one off the list and confirms that investors' options have been decreased.

In the independent directors' target company statement - which included an independent adviser's report - they valued Capital Properties in a range of $1.48 to $1.72 a share, with a mid-point valuation of $1.60.

The first two years of operations were pretty tough - as they were for much of the commercial property sector - with returns going backwards, about negative 7 per cent a year. But the last five years have been brilliant, with Capital Properties providing returns in excess of 20 per cent per annum.

On the negative side the outlook was that economic conditions are slowing and there are a few sectors that are making some divisions a bit softer...and that's translating through to the likely profit result.

This tends to create a self-fulfilling prophecy.

A frightened captain makes a frightened crew.