is a take over close?, page-23

I think Elders is struggling to get anything approaching what they want for the remaining forestry or Futuris assets..hence the delay in announcing remaining sales.. Given the v high gearing of Elders, a significant haircut on a sale of these non core assets has the ability to significantly reduce the NTA per share.. Not to mention being unable to pay down debt sufficiently.. Meanwhile continuing operating profits are too small to service the large debt.. Elders believes equity raising is not an option.. So Elders is trapped on all sides with no way out.. They are partly protected from a takeover by the poison pill effect of the hybrids.. So unfortunately may just limp on in the current unsatisfactory way..