Warford,Thank you for your post. Found the prospectus on the ASX...

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?