This is in PIH announcement this morning.Looks like there is no value left in the AET+D option.
The Boards also resolved, subject to certain conditions, including regulatory and other approvals, to make an in-specie distribution of shares in Prime AET&D Holdings No. 1 Pty Limited, formerly known as BBI EPS Limited (AET&D Holdings) to the Securityholders of Prime Infrastructure. The in specie distribution is being effected to reinforce the quarantined nature of AET&D and to simplify Primes 2 | Prime Infrastructure 3 | Prime Infrastructure corporate structure. By way of background, an option over the shares in AET&D Holdings wholly owned subsidiary, Prime AET&D Holdings No 2 Pty Limited was granted to the "EPS Promisor", an independent third party, which holds the option for the benefit of the former holders of BBI Exchangeable Preference Shares. The option may be exercised on payment of $1. As a result of these arrangements, the shares of AET&D Holdings have no value to whoever holds them, whether it is Prime Infrastructure or its security holders. As the shares in AET&D Holdings have no value, there will be no adverse tax consequences for Prime Infrastructure Securityholders receiving shares in AET&D Holdings. Once all of the conditions are satisfied a record date will be set and it is intended that Prime Infrastructure Securityholders on the record date (Eligible Securityholders) will receive an in-specie distribution of one share in AET&D Holdings for each Prime Infrastructure security held. Eligible Securityholders will also receive a letter containing further information regarding AET&D Holdings and the transfer, which will be accompanied by a personalised security holdings statement. Merger with Brookfield Infrastructure Prime Infrastructure also announced today, that is has entered into a definitive merger agreement with Brookfield Infrastructure Partners. A separate announcement has been released which provides further detail on the proposed transaction. Attachments Attached is a copy of Prime Infrastructures Appendix 4E Financial Report. A separate Results Presentation will also be released which provides further detail on Prime Infrastructures 2010 financial performance.
PIH Price at posting:
$4.35 Sentiment: None Disclosure: Not Held