Goodaye- PTN made an announcement today which includes the...

Goodaye- PTN made an announcement today which includes the following:

"Prime Trust has been granted an option to acquire the management rights for Prime Trust’s 12 core retirement village assets for an amount between $42.5m and $45m.

This option is exercisable by 30 June 2010 and, if exercised, will deliver management of these villages to Prime Trust. In addition to the direct economic benefit of retaining management fees, it provides the Trust with the ability to directly control marketing and operational activities............
In this financial year it is our intention to restructure our capital and debt facilities in conjunction with the acquisition of the management rights over our core retirement villages. This will include addressing the renewal of one of our major debt facilities ($150m) in March 2010."

SO it looks like PTN intends to exercise its Option and repurchase the Mgt rights from LLP.
Therefore LLP will receive $45m which I guess will go to debt reduction and pay-off the LLC c/note.
Its my recollection that those PTN managed r/villages were not that profitable anyway.
Maybe that $45m will be used to purchase those aged care assets which were purchased by LLC - who seemed to be holding them for LLP?

cheers