A definite "NO" vote coming from me,I havent received the...

A definite "NO" vote coming from me,

I havent received the documents yet but find the directors comments on the sale somewhat astonishing.

An optionholder 'NO' vote effectively says that the option holders do not see a sale as fair and reject the assertion that it materially prejudices the interests of members. Especially if an average holder only has 1-10k BEPPA. I cant see how the directors could interpret the opposite.

I also dont see how a rejection would materially prejudice creditors as the business is regulated and cashflow positive (probably in the order of $80m+ a year with DBP 5B revenues and the new WAGN ratecase cashflows). Even if the $580m is called in, you at worst let the regulated assets pay down the debt over time or recapitalise or even just sell TGP. This isnt a failed business in the sense of earnings, its a reliable cashcow overloaded with debt.

Though understandable it may also be that the interests of AET&D1 are not directly aligned with AET&D2 which contains the assets and over which we own an option.

If it does go into administration I would love the opportunity of getting a team of forensic accountants in there to work out where the company is now and where its heading. In fact I would even get the report bound.

What we dont want is a repeat of B&B where everything either gets sold for a song or given to the banks before the optionholders see whats going on under the hood.

Was their an independent experts report and a 2011 set of financials in the package? Was there also any statement regarding related party transactions?