I congratulate you on your summary of the numbers.
1. The business is paying its debts ie interest and reducing debt 2. The independant report is using old data and not providing the half year data. Has the management or debt holders withheld this info? could this be seen as missleading? 3. There is a rush to get it resolved by the debt holders, yet we have until 2012 before any real debt is due? do they see a turnaround that they don't want the shareholders to see? 4. if the business is tracking to better than a 4319m EBITDA what is it as this places the value of the business higher than what it has been assessed at. 5. The debt holders will be padi in full! yet they have only paid between 60% to 80% for the debt so they are actually making a massive profit and then taking control of a very strong and improving business. In my books there is a higher price they need to pay 6. The structure of the deal wreaks of avoidance. the reality is that they are taking over the business, however they have structured it so that they are not exposed to the takeover provisions which would shine more brightly on what theya re offering and potential screw what they are attempting to do.
This is theft! The long suffering shareholders (and those that have bought in recently) should not accept such a poor offer.
The losses for equity holders is in the Billions while the current debt holders are walking away with up to $600m profit and a business that is generating strong cash flows and getting better.
I'm voting NO!
AEJ Price at posting:
9.6¢ Sentiment: Hold Disclosure: Held
