Let me add my two cents worth:Pure speculation:1. I rate Ruralco...

Let me add my two cents worth:

Pure speculation:

1. I rate Ruralco and as they are relatively small in each sector they probably dont ever get to be scrutinised by the competition commission. They should take out all the Agri assets and even take over the control of AGJ. Now amongst their shareholders they have long term player and very deep pocket Soul Pattinson who owns just a tad above 23% and Neale Edwards PTY Limited at 26% together they really have control. Now if they are clever they seek a merger with SOL ( Soul Pattinson) underwriting a CR to do away with some of the debt issues.

2. Already in the bank and hopefully soon after the deal is done they sell off Futuris to say ARB - who are looking for growth avenues all the time.

3. banks get cleaned up because they cannot deal harshly with SOL who can give them what they want - some money and lower risk.

4. has an added benefit as it complicates the Perpetual current bleat that SOL must unbundle to unlock shareholder value. Its amazing that Perpetual has never been able to achieve any real value for its own shareholders but knows how to run complicated industrial holding companies. Yes I am biased I like a SOL it allows you to have an investment that can diversify for you and take risk and right the failures off and create wealth with the successes.

5. No one will get a premium for their hybrids as no one gets outright control. SOL does not own anything in ELD so even a partial underwrite wont get them to 50% plus 1 share IMO. Value the ELD share on say 40c per ordinary share and accept that the hybrids remain in place. Distributions immediately in place which will help long suffering shareholders. ELD management out - Ruralco in.

is that too much like a fairytale.