Deloittes might well win the annual "Independent Experts" for hire title this year...an award offered to the best gun-slinging "expert" who delivers what the client wants.
Perhaps their motto should be "Tell Us What Conclusion You Want...And We'll Give It To You"
And I just love this bit:
"The Primelife Board believes that if the Proposal were not to proceed, Primelife would require at least $300 million of further capital to achieve the stated target gearing level of 20-25%"
Whose stated target? Why not make it 10% and therefore a more dramatic $600m (or whatever the figure is) to be found!
Heck...I know there are many, many investors who are happy with debt levels in excess of this. I'd venture to suggest that more than a few LLP and LLC directors have debt levels on their homes well in excess of this.
No...this is all about LLC being sick of been the LLP cash cow and therefore wanting to own the lot and get rid of the other shareholders who they just see as lead in the saddle bag!
But...they haven't even suggested or experimented with a SPP...and like others, they might have been pleasantly surprised with what they found.
Again I say that Andrew Love and his amigo independent directors should hang their heads in shame at how this has been handled. They should resign for they aren't "independent" and are useless at representing our interests.
Get out of your ivory towers boys and feel the mood out in the streets.
LLP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
