hedging taken out against us$500m?

Random question here.

Do we assume that a forward contract to the value of US$500m has been taken out?

I know once the final equity hedge was closed out, CER reiterated that its US equity would remain unhedged but given now be know how much the net proceeds are to CER and when the sale is expected to settle (mid year according to latest ann), wouldnt it be prudent to have this US$500m hedged?

I suppose it wont be a bad thing if the USD/AUD rate falls to 0.80! AUD value of US$500m would be $625m and increase our net equity by $125m or 5.5c per unit. Our gearing would be much lower too! Obviously if the exchange rate goes the other way, there are consequences for us....

What does everyone think about this?

Personally Im hoping theyre mostly hedged and not speculating on the FX market.

Cheers