Coote Industrial to pay Elph $6.5m

Coote Industrial will be forced to pay Elph $6.5 million after the takeover bidder exercised its put option to sell its stake in Coote subsidiary, Greentrains.


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Excercising the put option reduces Elph's interest in Greentrains. Elph won't gain control of Coote with manoeuvre, he'll merely put Coote in greater financial duress by forcing payment of the $6.5m within 20 days.

A floundering 'ship' with a poor crew steering. All credit and luck to the entrepreneurial pirates seeking to take legal charge of the bridge. Nobody else is turning this ship around. United scored a new substantial contract for NW rail stock assets recently but current crew of Coote are muddling with ill conceived structural concoctions & debt issues in a tough finance market.

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