AAN - Alinta Limited
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Alinta Halts Shares From Trading as It Studies Offers (Update1)
By Angela Macdonald-Smith
March 26 (Bloomberg) -- Alinta Ltd., Australia's biggest energy transmission company, halted its shares from trading after receiving proposals to buy the company.
The utility, based in Perth, asked for details from the bidding groups to assess the terms of the proposals, which are confidential and conditional, Alinta said today in a statement to the Australian Stock Exchange.
Alinta in January invited bids for the company after being informed of a management buyout proposal. The board over the weekend considered two offers, one led by Macquarie Bank Ltd. and the second involving Babcock & Brown together with Singapore Power Ltd., the Australian Financial Review reported today, without saying where it got the information.
The proposals received by Alinta ``are conditional and the company requires, and has requested, further information in order to evaluate the terms and consideration contained in the proposals,'' Alinta Company Secretary Yasmin Broughton said in the statement. ``There is no certainty that any proposal will be recommended by the directors.''
Alinta requested a trading halt for a maximum of two days pending a statement on the status of the proposals. Alinta shares closed March 23 at A$14.15.
By Angela Macdonald-Smith
March 26 (Bloomberg) -- Alinta Ltd., Australia's biggest energy transmission company, halted its shares from trading after receiving proposals to buy the company.
The utility, based in Perth, asked for details from the bidding groups to assess the terms of the proposals, which are confidential and conditional, Alinta said today in a statement to the Australian Stock Exchange.
Alinta in January invited bids for the company after being informed of a management buyout proposal. The board over the weekend considered two offers, one led by Macquarie Bank Ltd. and the second involving Babcock & Brown together with Singapore Power Ltd., the Australian Financial Review reported today, without saying where it got the information.
The proposals received by Alinta ``are conditional and the company requires, and has requested, further information in order to evaluate the terms and consideration contained in the proposals,'' Alinta Company Secretary Yasmin Broughton said in the statement. ``There is no certainty that any proposal will be recommended by the directors.''
Alinta requested a trading halt for a maximum of two days pending a statement on the status of the proposals. Alinta shares closed March 23 at A$14.15.
Prospector
Not a scaredy cat anymore
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I am so cross about this. I originally received Alinta when AGL did its deal. I wanted AGL not Alinta and as a result my holding value in AGL halved.
I only have around $9000 worth of AAN. It is in my super fund and to avoid complexity in management, this is the minimum amount of $$$$ in shares I hold in one stock. Now I am going to be left with FOUR piddly little holdings in various entities, including Pipelines and it will cost me $100 in fees to sell them all .
Thanks for nothing
I only have around $9000 worth of AAN. It is in my super fund and to avoid complexity in management, this is the minimum amount of $$$$ in shares I hold in one stock. Now I am going to be left with FOUR piddly little holdings in various entities, including Pipelines and it will cost me $100 in fees to sell them all .
Thanks for nothing
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Prospector
Simple answer mate - sell your AAN shares now!
However, I guess the full premium isn't in the market value yet.
I tell you what, the merchant banks must be laughing their pants off. This deal is going to be so complex from a structural point of view - the fees for doing the deal will just be incredible. Personally, I thought that good ole Alinta was expensive at about $12. This is just getting ridiculous! I mean whats the P/E on what they are buying - it would be about 35 + from memory. We must be venturing into hyper valuations by now!
Don't worry though, the borrowings will pay for our yield distribution - the capital value only goes up guys!
Cheers
Simple answer mate - sell your AAN shares now!
However, I guess the full premium isn't in the market value yet.
I tell you what, the merchant banks must be laughing their pants off. This deal is going to be so complex from a structural point of view - the fees for doing the deal will just be incredible. Personally, I thought that good ole Alinta was expensive at about $12. This is just getting ridiculous! I mean whats the P/E on what they are buying - it would be about 35 + from memory. We must be venturing into hyper valuations by now!
Don't worry though, the borrowings will pay for our yield distribution - the capital value only goes up guys!
Cheers
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I was in the process of building up a stake of Alintas,trying to buy at under $11...I had 700 when the breakup talk started,forcing the price over $14.
As it is now, under the Babcock and Brown scheme, as a previous post said, I am left with shares in three Babcock funds and the Pipeline trust...plus $8.50 cash for each share.
In one of the Babcock funds I will have an unmarketable stake,ie under $500 worth.
I find all of this to be a dog's breakfast...I do not want a stake in any BNB fund and do not want any more capital gains this year.
However I would have rather sold at the $15.45 and as it is this would have/will happen after the end of this financial year.
I think there is a lot more to happen yet this one, at least I hope so.It was a mickey mouse result alright!
As it is now, under the Babcock and Brown scheme, as a previous post said, I am left with shares in three Babcock funds and the Pipeline trust...plus $8.50 cash for each share.
In one of the Babcock funds I will have an unmarketable stake,ie under $500 worth.
I find all of this to be a dog's breakfast...I do not want a stake in any BNB fund and do not want any more capital gains this year.
However I would have rather sold at the $15.45 and as it is this would have/will happen after the end of this financial year.
I think there is a lot more to happen yet this one, at least I hope so.It was a mickey mouse result alright!
Prospector
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Maybe if we 'unmarketable stakeholders' lobbied AAN they might have some interim arrangement? Still angry about all this
Edited: sounds like the retail investors feel the same as us......
http://www.theaustralian.news.com.au/story/0,20867,21486493-643,00.html
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I hope that article from the Australian proves to have substance...I will have to email Alintas and voice my disapproval of the current proposal
Like others, I'm in the same boat as Prospector with AGL (AGK)/ AAN shares although we hold a little more.
I hazard a guess that this game will be played out beyond the end of this financial year so I don't think capital gains will come into the matter before 30 June. Depending on the outcome, we may just sell AAN on market and be done with them.
I hazard a guess that this game will be played out beyond the end of this financial year so I don't think capital gains will come into the matter before 30 June. Depending on the outcome, we may just sell AAN on market and be done with them.
My sentiments exactly, I'm a small share holder, dont really want to sell and particularly dont want to pay capital gains tax right now.
Have made contact with ATO re deferral if forced into this deal with either Macq. or B & B.- waiting on a reply.
Have also emailed B & B, wont hold my breath.
'Am not happy Jan' with the whole debarcle from the internal attempt by directors and the recommend by current management.
I dont particularly want shares in BBI,BBW and BBP checked their perfomance,
I think we are being sold a crock.
This is my first post and have joined specifically to air my disatisfaction with this take-over.
Have made contact with ATO re deferral if forced into this deal with either Macq. or B & B.- waiting on a reply.
Have also emailed B & B, wont hold my breath.
'Am not happy Jan' with the whole debarcle from the internal attempt by directors and the recommend by current management.
I dont particularly want shares in BBI,BBW and BBP checked their perfomance,
I think we are being sold a crock.
This is my first post and have joined specifically to air my disatisfaction with this take-over.
Prospector
Not a scaredy cat anymore
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Well, no response to my email but in the overall scheme of things I hardly count.
This response from Babcock and Brown today.
As you are no doubt aware the offer is quite complex and some of the finer details are still being finalised. At this stage there is no rollover relief but more information on this will be posted to Alinta shareholders shortly.
Cheers..Fiona Osler [fiona.osler@babcockbrown.com]
As you are no doubt aware the offer is quite complex and some of the finer details are still being finalised. At this stage there is no rollover relief but more information on this will be posted to Alinta shareholders shortly.
Cheers..Fiona Osler [fiona.osler@babcockbrown.com]
I like their improved offer, shareholders with less than 1000 shares can get 100% cash for them.
With the offer from Babcock and Brown now at $16.06 per share why are the shares only at $15.35 at the moment? Do people not think the sale will go through?
With the offer from Babcock and Brown now at $16.06 per share why are the shares only at $15.35 at the moment? Do people not think the sale will go through?
Prospector
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Maybe better offer, but I dont actually want the cash! The AAN shares were doing fine before others starting sticking their noses in; and I certainly dont want the breakdown of the shares that the offer brings. Which I presume I will have to keep at the moment if I want to get the full benefits of the divided payout etc.
So I'm annoyed...
I misplaced the letter where I was meant to elect to take full cash.. I just found it now and it's too late.
I only had 311 shares in Alinta, So I am apparenlty entitled to,
BBI worth 267.6431168
BBP worth 383.2030662
BBW worth 33.831824
BBIEPS worth 795.165111
APA worth 109.9367584
and $2780.34 cash.. I suppose it's too late to do anything now though.
I misplaced the letter where I was meant to elect to take full cash.. I just found it now and it's too late.
I only had 311 shares in Alinta, So I am apparenlty entitled to,
BBI worth 267.6431168
BBP worth 383.2030662
BBW worth 33.831824
BBIEPS worth 795.165111
APA worth 109.9367584
and $2780.34 cash.. I suppose it's too late to do anything now though.
