aet&d notes - ex-beppa holders, page-3

"Hope the 20c comes in to the coffers - but based on the past performance of this lot ....enough said."

That would surely be subject to how many Beppas were held by friendly co-investors prior to the conversion, not that BAM were boasting about such support etc and there were plenty of Beppas going through at the time, and the influence those holders have over the principle investor to effect a proper sale value. BAM have cited friendly holders influence as being a major influence in the merger/takeover development, it looks like get the merger/takeover out of the way and then settle AET&D as it has been deferred for the moment.

I know we all appreciate the AET&D interest being so well documented by legal speak, and the position has not really changed all that much except Duet with first right of acquisition is now free of Duquesqe Light but still no money in the bank and surely not interested in paying too much for AET&D so time is of no consequence as the business plods along. I did read in the Australian papers that PIH had used the 500m debt in AET&D as an asset write-down figure in the 2009/10 return year, how they could use it and for what reason seeing as they are so keen now to put AET&D at arms length, still puzzles me. PIH own it for tax purposes but not for sale purposes ? ? ?

from http://www.investsmart.com.au/news/news.asp?Action=Display&DocID=SMH100824G71H16PL57H

Shareholders who hold only a few Prime securities will be entitled to receive cash in lieu of shares.

Prime blamed the full-year loss on write-downs and losses from the recapitalisation last year. It booked impairment charges of $663 million against former Alinta operations - now known as Australian Energy Transmission & Distribution - and a $112 million charge relating to its investments in US pipelines.

Prime also incurred a loss of $247 million on the sale of its British ports business, PD Ports.

The company has settled a dispute with the Australian Tax Office over the deductibility of payments relating to the Dalrymple Bay coal terminal. This will result in Prime receiving about $43 million in cash back from the Tax Office and recognition of a reduction in deferred tax assets of about $38 million.

Macquarie Equities analysts said an additional 22c per share from the tax settlement suggested that Brookfield was buying Prime cheaply, as it was not offering any takeover premium.