just like winning the lottery for asciano's ma

Herald Sun June 30, 2009 12:00am -Terry McCrann

"ASCIANO CEO Mark Rowsthorn doesn't think he's getting a particularly special deal. I beg to differ.

Anyone who gets offered shares worth $231 million but only has to pay $194 million is getting a 'a special deal'. A $37 million special, I'd suggest, that's better than winning 99.9 per cent of Tattslotto jackpots.

Now, true, he actually has to front with the $194 million to pocket the prize. And that $37 million profit is at the Asciano market price yesterday. As he and the rest of us know only too well, share prices can and do fluctuate.

But institutional investors have been more than happy to front with a stunning total of $1922 million to buy Asciano shares valued at $1.30 at what they regard as the bargain basement price of only $1.10. The same deal as Rowsthorn.

Knowing that the very process of their buying will largely validate that value.

Further, in the case of Rowsthorn it works like a free option. He doesn't have to commit now he has nearly four weeks to assess the state of the market and Asciano's share price.

In those famous words of the late Robert Holmes a Court, it's been stated that Rowsthorn's "current intention (OK, Holmes a Court used to say, present intention) was to fully participate in the offer". But subject to securing the "required level of funding".

That's a big out. And it's interesting to note that all the communications from Asciano have very precisely spelt out that he's been offered "up to" the additional $194 million of shares.

Yes, it's subject to shareholder approval but who's going to vote against it? The instos that have been handed a $350 million prize all of their own bigger than ALLTattslotto jackpots?

At no point has the board of Asciano provided any real explanation of why the CEO should get a special deal."

http://www.news.com.au/heraldsun/story/0,,25709958-36281,00.html


VOTE NO!