Melua comparing AHUG to AHUGA is a bit misleading as the proceeds of these hybrid listings were used for very different purposes.
The AHUGA proceeds were used to primarily acquire preference units in the Allco Principals Trust (APT) and APT’s mandate was to invest in equity securities of AFG and related entities. We all know what happened to AFG's share price and this is basically why AHUGA had no value left.
The AHUG proceeds are tied up in the Alleasing businesses, which although they don't make any money they do have significant value and will likely be sold at some stage.
The other major difference is that Allco only provided the undertaking of financial assistance to the Alleasing business and never offered such an undertaking in the case of AHUGA.
ahug announcement expected thursday, page-46
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