different point of view, page-13

Hi Pigsrus,

Agree, input needed from all quarters. I've been an employer and an employee -challenging issues on both sides.
Certainly good if employees think they are at least being heard rather than being ignored.

Not such a promising report from cbartel, and AIO would do well to address the issues he raised.

My focus is still on the cap raising and the conditional (extra) 1,350 mil is bad business (right now) as far as I'm concerned (reasons are in my previous posts), but here is a possible scenario:
Perhaps the underwriters put a "take it or leave it" option to the board -so that they had no reasonable option but to accept the total offer. As discussed, perhaps the board (or some of them) are secretly hoping for a rebellion. (although it seems strange that they were happy to accept an increase of 350 Mil).

NOTE. I wonder if it is with-in ASX listing rules for the board to agree to a 2% charge against Asciano in the event that the conditional placement is voted down. Isn’t that an attempt to unduly influence the outcome of a future vote? Perhaps this 2% is not legal and therefore not enforceable. What if the 2% charge was a 10% charge? This whole issue smells of the “powers that be” looking after each other. ASIC where art thou?

A better and more equitable alternative would be to complete the first unconditional cap raising (1,000 mil) -use this (and available profit) to pay down April 2010 debt...AND ALSO advise the market that a pro-rata 1-1 renounceable (say 30% discount) offer is planned for Feb/March 2010 when markets are expected to stabilise further.

Given certain guidelines (i.e. SP above $2.30 at time of announcement), the underwriters may give preliminary support for this proposal)

This would be designed to pay down the 2010 debt and some of the 2012 debt, and also provide the market with the perception of certainty and direction.

Investors would have to be shareholders when this equity raising was announced to be entitled to participate, and this should provide a healthy level of speculation and corresponding share price.

This would be a calm, fair and measured approach to secure Asciano’s balance sheet, unlike the current “ATM smash and grab theft” that is currently proposed.
Be brave and trust your own judgment for the future.

Only vote for this theft if that’s what you really want, lets not be "sheep for the slaughter".

John S.