Ann: Seven Network and WesTrac - Scheme Implement, page-13

re: Ann: Seven Network and WesTrac - Scheme I... ITB,

I am always against the related party transaction. It is always fishy, and benefit the party involved.

Remember another WA "legend", Michael Kieran? How many companies he had screwed? IRL, TTY, CSM, MON... You name it. He treated each of the companies as his own, fill holes in one with other that make money. It ends up MON is bankrupted, TTY, a very profitable iron ore company, now still cannot get back money he looted,....

The merger is not about create benefit for all shareholders, but for Kerry Stoke only. It is so easy to inflated a company value, and than brand it "independent".

Remember Kerry Stoke owns 100% WesTrac, and debt laden. He only owns 48.78% of SEV.

No cash transction??? Who will assume WestTrac's debt,and repay $500m immediately?

The cost to acquire the WestTrac is $1b+115m Seven shares. WestTrac is worth more than SEV, although SEV's current equity is $2.4b, not 2011 non-exist value! It is not apple to apple.

Another interesting valuation is the NHR. The NHR market capital is $245m. WestTrac own 66.2%, and valued at $246m!!!

If WestTrac is a good business, why Kerry want to share with non-related parties? He can keep it to himself. It is not science!