depends how you look at it from a business angle,clearly you think the QBE deal is a sell out.BUT...
you have to remember elders had about $980m in debt,it had leveraged way over its capability,so assets that really where not theirs as they couldnt afford them had to be sold.that debt will be reduced to around $200m
so consider the alternatives...a la babcock & brown,abc,allco...all fell over & never mind 15c they wont get a cracker.
or keep the company afloat & cut out all the bad bits,bring in QBE to recap the business.what was the best?
yes QBE got a good deal but hey they are stumping up the cash so they naturally they will get a cream deal.
i reckon MJ pulled off a very astute business coup getting QBE to buy in at a time when i believe many other businesses would have possibly given QBE a better deal.
QBE are not a bunch of mugs ol mate,you can take it as 100% that elders is a good business that had really only been mismanaged.
if you go read all the reports & understand the business acumen that has been brought in to replace the previous management you can see the potential in elders that also QBE has also seen.
ive been through the reports & fundementally there was only one thing wrong with elders...they had too much debt,i cant find any nasties associated with some of the examples i gave,abc,allco,storm where more or less it was just downright fraud.
this is a good company & i would forget about all the, this mob got a 15c deal, they got so much at such & such.
put it this way you could be like the storm folk,praying that if they get 1c in the dollar they have a great deal.
ill be buying some soon & im just going to chuck them in the drawer,give MJ his 3 years & see how it goes.
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1 | 9894 | 9.150 |
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1 | 982 | 9.120 |
Price($) | Vol. | No. |
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