eldpa, page-15

That about what I understand it to be. Futuris doesn't seem to be worth 75M in my mind though. Couple that with a reluctance to put any sort of priority on paying distributions on the PAs, and I think they're being valued at about double what they should be at present. I also believe that management has a reluctance to realise the best $ outcome for shareholders if it means reducing the size and influence of their empire, and that this sale is therefore being precipitated by Ruralco's bid and the lenders trying to inject a little bidding competition into the process.

ELDPAs were originally supposed to be a play on the turnaround in profitability of the rural services division, which never eventuated. I lost interest at the start of this year, after keeping them in my sights for a couple of years before that.