aet&d, page-24

I have also wondered about the creation of of an entity to recapitalise AET&D along ex-beppa lines and I might even go along with it, the thing that always comes up in my mind was BAM's overnight offer reversal to the Beppas that cost the takeover 314m?.... and how are they going to get THAT value back ?

Before Prime became Brookfield, AET&D shares were issued to ALL Prime holders, those shares are non-voting? (on what) and non beneficiaries of any sale proceeds but I believe they do have a higher level of ownership of AET&D than the ex-beppas, even though they are non beneficiaries of any sale proceeds. That puts Brookfield in a 40% ownership position.

There is also a clause somewhere that puts a sale process into action within a time period, not sure what happens if the sale does not eventuate within that period, might also be sold in pieces, in which case some pieces might not be sold.

BAM's friends MIGHT have some beppa options and you might recall that it was those friends of BAM who were holding PIH that wanted BIP to takeover PIH so they could get some value into them and onto the Toronto and NY exchanges.

Could a similar process prevail ? , ex-beppas have to vote on the sale process, what might the options be in that vote if an unsatisfactory sale process or outcome is occurring ? Would ex-beppas vote to sell AET&D for very little return or rather keep it "in-house" in some way.

BAM have always stated AET&D are near worthless, why would they do that ? for their own benefit or to be respected upstanding honest corporate citizens, has that opinion changed since Brookfield became 40% owners ? (I would think they might have said that to reduce any dilutary effect by absorbing any of AET&D).

(ex-beppas have already cost BAM/PIH/BIP around 314m? without bringing any assets with them remember ?)(by that logic, any of BAM's friends who bought those Beppas have already been recompensed by receiving PIH's, so BAM owes their friends nothing and has no reason for selling AET&D at a high price). (There are other instances in recent history where BAM "recommends" it's friends buy whatever to help BAM and then offers "no further support").no love shown..

please excuse the tongue in cheek, I do actually respect BAM as a responsible company, well able to look after itself. Being on BAM's side of the table has its benefits.

Getting a fat ex-beppa cheque also has its benefits, but I am doubtful it will happen. The minnows won't make a difference to the outcome, the large holders like Hastings and maybe the watchdog Bronte might though. I think Lowe sold near the end, and also Hastings I think sold some, the new owners of those might have to be included in the outcome.

I recall that near 70% of Beppas changed hands during the last two or three months of their existence.

Once again its a numbers game........and the answer lays in the dates and quantities of the new holders buy sheets, and no doubt any bidders have looked at that also.

disc. holding one 5400th of the vote...

its late and I apologise it is a bit of a ramble,

corrections welcome.