The Age Monday 10.05.99 - VF Article

[steam4me@enternet.com.au (Yuri J Sos)]

There's an article on Page 5 of Business section of "The Age" for
Monday 10 May 99 entitled

"Local investors wary of freight" by Philip Hopkins.

It's not online I'm afraid.

Article confirms that FV is now the official owner of VLF, but was
unable to secure the 49% local equity it had aimed for.

RailAmerica will underwrite 100% of the equity in FV with offshore
funding provided by Barclays Bank.  According to Marinus Van Onselen,
FV started life with 800 employees, having shed 350 staff.; the
immediate aim was to pour money into meaningful projects such as
improving the braking systems on its trains.

FV has already targetted two areas of potential business expansion:
hauling timber from forests in East Gippsland and the northeast, and
poaching agricultural exports from the Riverina district to southern
ports (thinks...... why do they want to move into cooking?).  The Port
of Geelong is set to be connected to the SG line, opening up southern
NSW as part of its catchment area.

Goninans has taken a $3 million equity in RailAmerica and has won a
$120 million contract with FV for 10 years to service FV's
locomotives.

       
Regards

Yuri
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Yuri J Sos
Melbourne VIC AUS

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