You want to look at Note 40 in the 2004 accounts. You will note that the major asset in the Deed of Cross Guarantee is an investment in other subs for $420m. The only liability of significance is the loans and borrowings which they guarantee for all entities but should get paid out as the banks should get a full recovery as they are secured against the receivables.
The other assets and liabilities such as receivables, inventory and payables will represent the ANZA assets. The investment is sub is a summary of the UK and Europe assets.
The other note to look at is 24 which discloses where the debt sits. You will see that it almost all relates to UK and Europe. Total loans and borrowings under the CG exceeds group loans by about $50m so there might be some residual liability there.
Hope that helps.
SRS Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
