you are correct, implant. Current management seems to do well with asset sales close to book value.
My guess is the management trying to sell non core and dispute assets include the EM and Cawse etc. Then they would like to keep the remaining good assets for a re-cap with whatever the suitors to be.
Recently 40 odd plus hedge funds were jumping on boards for the last few months. Last month origin and apa pull out of bidding process and claimed too complex for them. It seems odd.
A capital market re-cap plus debt to equity swap are on agenda.
We need to be careful of How much new shares will be issue and at what price. Recent price manipulation and downward trend of our prices are indicators of someone would like to buy us cheap.
But always keep in mind that alinta owes all shareholders (which is you) $450 milions from our trust loan (that is about 50 cents re turn per share). So if suitors would like to buy us cheap with massively dilution. Then I will vote alongside GPG with a No.
AEJ Price at posting:
4.9¢ Sentiment: None Disclosure: Held
