Ann: Rural Services Trading Update , page-82

GNC & ELD are like chalk and cheese in regards to what they do and the strategic value of their assets, quite apart from their respective business performances.

And why would corporate action start with the PAs? I don't think most understand how little influence they have on most things as far as the business goes. On "winding up" however that would be a different story. I suggest the following are read in the prospectus:

(1) Clause 5.1 (Trigger Events)
(2) Schedule 7.2 (Voting Rights)

There are probably others. However, the key is that by management selling off their businesses 1 by 1 they (IMO) do not trigger ANY ELDPA rights. There is (again IMO only) a possibility that a trigger will be hit when the LAST business is sold - whatever that happens to be.

As such, any purchase proposal, even if it needs to be put to ELD shareholders, will most likely not be able to be voted on by the PA holders.

Really, for ELD FPO holders it all comes down to hoping there is value somewhere at the end of the chain. Hard to know. For ELDPA there are a couple more options, however the PA are quasi equity anyway so high risks still there.

http://www.elderslimited.com/upload/investor-centre/hybrids/Futuris-Hybrids-Prospectus.pdf

MJS