aazpb, page-24

Warford,
Thank you for your post. Found the prospectus on the ASX announcement of 02Aug 2005 as you suggested.
You may be able to help with the following:

The initial margin established by the bookbuild was 2.3%. This margin was to increase by the step up margin of 2.5% at the step-up date of 1 Oct 2008. Is this the new margin 4.8%(2.3+2.5)?

I am not very clear about the "Remarketing process/step-up" in the prospectus.
It states that the holder may give QUOTE: Step-up notice - indicating that the Holder does not wish to continue to hold ASSETS unless the Step-up Margin will apply from the Step-up date.

It then went on to state that if it receives Hold and bid notices of at least 10% of ASSETS, the issuer may set a new margin and change the terms and must realise the ASSETS of "Retiring shareholders" I believe this mean ALZ may change the margin and terms if more than 10% ALZPA shares agree to a lower margin but they have to redeem those who give the "step-up notices" ie "Retiring shareholders".

The step up dates are to occur every 3 years after 1 Oct 08. At some step-up stage the "new margin" would be very high compare to the then prevailing market condition.

If I am correct, it means ALZ on 1 Oct 2011 or 2014 or 2017... may (provided at least 10% give the hold or bid notice) if the margin becomes too expensive.

Am I correct?