Camera Fraud Article: Redflex – The Takeover Bid and Toll Roads
Macquarie Holdings Ltd of Australia thinks photo traffic enforcement is all about the
money too. They know about money period, as one of the largest operators of Toll Roads in the World. It appears that Redflex has thrown in the towel on their speed/red light scameras and is ready to accept their consolation prize — a large buyout from Macquarie at a price substantially higher than the stock price just a week ago had indicated the corporation is worth.
As Redflex’s contract with DPS comes to a close in July and with the high probability that all the scameras will come down in November of this year, it may not seem like this will affect Arizona. We don’t have toll roads, right? Not yet.
Republican Jay Tibshraeny of Chandler sponsored a Toll Road bill back in 2008 that was quietly passed, creating an Arizona Toll Road Authority that has been lying dormant ever since.
Will Macquarie-Redflex goons find their way in to the 2011 AZ State Legislature session? It’s highly likely. What they’ll be seeking is for our cash strapped state to sell them the roads that the taxpayers have already paid for, so that they can be double charged to drive on them. Feeling taxed enough yet?
This fight is coming Arizona, so get ready for it.
The Redflex buyout is not complete by any means, but the bid is there and it looks pretty enticing.
Quoted from The Sydney Morning Herald:
“Directors of Redflex revealed yesterday that Macquarie had made a non-binding, indicative and confidential offer to take control of the group at $2.50 a share.
Macquarie was seeking a scheme of arrangement, which suggests a merging of Redflex with a subsidiary of the bank – although it is not clear whether that means it will be offering shares as well as cash.
The offer follows Macquarie picking up 8 million shares in a single crossing at $2.50 on Friday, after the market closed, and disclosing this week it owns almost 11 per cent. Among Friday’s sellers were the Pratt family’s Thorney group and the Renaissance Smaller Companies fund, which each parted with 2.5 million shares.”