Ann: Letter to CIMIC Shareholders - Ventia Prospectus, page-20

Not sure if my rationale can be supported however CIM MC about $6B, Ventia valuation by MacBank about $3B - does that imply the remaining CIM will have a MC of about $3B?

If that is the case then the way I see it (without reading the prospectus) is that CIM (ACS Hochtieff) have had difficulty attaining the last remnants of the 20% they don't hold without sending the sp ballistic to mop up the rest. So by floating off Ventia that will reduce the capital (and sp) of CIM, then they will mop up the rest by giving a small premium for the skeleton of the rest of CIM then it will be a wholly owned foreign company.