challenger southern water update see cif anoun

Interesting spin on the Capital input into Southern Water

1). Its a Temporary Loan to the non operating company
2). Majority loan to be repaid before 30th Jun 2009
3). Westpac are obviously having a lend re covenants as the money is not going into the operating company
4). It obvious that the management cannot get their announcements right!
5). As will all JV's like mining I am surprised that the announcements are not all the same and released at the same time
6). Management need to be replaced with a responsible entity that is looking out for its shareholders
7). When is someone going to call an EGM !