recent article from MD stated that the listed model for infrastructure basically not working, and cited next years loan refinance as the main reason for selling; but i dont buy that, since their gearing and cash flow is such that they are much better off now, and the reason why we had 2 capital raisings was so that we would be in a much safer position come 2012.
seems to me directors are looking for the golden parachute and to hell with the long term holders.
dont forget the scheme vote requires >50% of holders FOR which means the instos dont get it all their own way.
the unlisted alternative is a joke - nobody will accept that, and the super funds looking to hold for the longer term will not be interested in a quick sale.
previously l predicted that by year end the sp would be mid 50s anyway, and l was hoping for an offer mid 70s next year.
CEU Price at posting:
54.0¢ Sentiment: None Disclosure: Held
