An invetsigation which is normally routine is turning out to be...

An invetsigation which is normally routine is turning out to be more than that now. It concerns the recent KKR attempt to gain control of Coles Meyer. Or was it really that.

There is growing concern that it was merely a cover for some other activity which I don't think appropriate to go into in any detail here. But the evidence suggests that the denying ASIC is onto a very very deep analytical investigation.

Did any of the Coles Meyer Directors or shareholders in any way act improperly? don't know yet. Are anyof them being investigated? the top 20 in the register are yes.

Interesting days ahead. Almost 12 months to the day of the attempt by KKR there were interesting shares movements and plays at very sophisticated levels involving the use of hybrid securities that would have matured into some other form of security at the stage of KKR raid.

MacQuarie Bank will find itself a target for acquisition by a very very large US financial house. Try Goldman Sachs