Perhaps Dundee is just playing tax system. You issue and buy a bunch of shares in the flow throughs and reap the tax benefits. The problem with this is that your cost base is zero. If you have all of the "said shares" in the hands of cooperative partners, you can manipulate the price down, selling the shares(transfering) from one entity to another. In fact one of the Goodman controlled funds is strictly in the flow through market, and I seem to remember them taking a big chunk of the last flow through.