The move to provide AET&D asset sales profits to BEPPA is a step...

The move to provide AET&D asset sales profits to BEPPA is a step in the right direction but I have a concern re discovery and governance and the lack of any process to ensure that maximum is achieved for BEPPA holders.

It has been argued BAM have an incentive as in addition to $5mill p.a. (for 3 years) fees, BAM receives 1% of asset value sold.

I do not consider this incentive and demonstrate my concern via an example:

If an asset (eg AETD) was sold for $2.2 bill when it may have been sold for $2.5 bill then BAM would receive $22 mill in lieu of $25 mill. A $3 mill difference (small change) for BAM but for BEPPA holders it wipes off $300mill or ~ 40c/EPS.

Would prefer an arrangement where in lieu of the $15 mill fees and 1% that BAM was instead paid say 15%/20% (or whatever) of the actual $ value realised for BEPPA holders.

Eg $300 mill of value realised by BAM for BEPPA on assets of $2.5 bill then at 20% BAM get $60 mill versus $40M in the current arrangement ie 3 x $5M + 1% x $2.5bill.

Seems to me everyone wins in this arrangement and BAM has incentive to maximise EPS value.

Am I on the right track? Any hope of getting it up?

holding BEPPAs