For those inetested on taking a punt on ANM after this morning's announcement that Leightons have been awarded the construction contract for the Stanwell project - ANMCA offers a cheaper enty to the stock. ANMCA (the distribution entitled securities) are currently trading at 32c. These will be paying distributions (really a return of capital) of 16c by 23 Nov, 2004. These 'distributions' are guaranteed by the Qld Government. So the effective price of ANMCA is currently 16c. A final instalment of 30c is due on 31 Jan, 2003. This makes the effective cost of an equivalent ANM share of 46c. (as the ANMCAs convert to ordinary shares on 23 Nov, 2004). However the ANM shares are currently trading at 47.5c. Thus they are 1.5c cheaper while paying half now and half in 8 months time.
Sharkie 13
ANM Price at posting:
0.0¢ Sentiment: None Disclosure: Held
