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What does the discussion group think? It seems to me that if you want exposure to such a stock you might as well have a large cap one with proven Mx (eg Packer clan) plus it also has fairfax stock to back it up if things on the interent stock float side get nasty.

Why do they need to rip more money from the punters to invest through FXF in ventures that ECORP was designed for? I think Pbl is the safest way to go if your looking for that type of exposure, from the risk side if nothing else.
The FXF has an interesting chart, but if I was going to invest, it would only be a short term punt.


HOMEX - Sydney

CPH Management Limited ("CPH Management'), the responsible entity and
Manager of the FXF Trust ("Trust"), announced today that it intended
to proceed with a proposal concerning an expansion of the investment
strategy and capital of the Trust, subject to completion of
regulatory review and Unitholder approval.

As part of the proposal, CPH Management intends to change the name of
the Trust to CPH Investment Corp. James Packer, Kerry Packer, Ashok
Jacob and Graham Cubbin will be appointed to the Board from which
Neville Miles has resigned. James Packer will be Non-Executive

Approval will be sought from Unitholders at a General Meeting to be
held in early May to, amongst other things:

* Approve the proposed new fee arrangements which would be payable
to the Manager, CPH Management, and comprise an annual management fee
of up to 1.50% of the gross asset value of the portfolio and a
performance fee of 20% of returns achieved above a compound annual
return of 10%. The proposed new fee arrangements are similar to those
charged by US private equity and hedge fund managers.

* Expand the capital of CPH Investment Corp, through the issue of
Partly Paid Units to raise up to $600 million, with a right to accept
up to a further $160 million in oversubscriptions (the "Issue").

* Expand the investment strategy of CPH Investment Corp to enable
investment in any sector, which CPR Management may at the time
consider appropriate.

* Access the investment and management expertise of the Consolidated
Press Holdings Group ("CPH Group"), an unlisted public company group
controlled by Kerry Packer and big family, and be able to invest for
a period of up to seven years to a level of at least 20% in all new
investment opportunities made available to the CPH Group. Exclusions
from this right would include Publishing & Broadcasting Limited
("PBL"), ecorp Limited ("ecorp") and the businesses of Hoyts Cinemas

* Approve the Manager's plans to initially invest up to $250 million
in a new subsidiary, which CPH Investment Corp will own with the CPH
Group. The new subsidiary will have the right to pursue 100% of all
of the CPH Group's new B2B investment opportunities. The Manager
intends that the new subsidiary will, subject to identifying suitable
B2B investment opportunities, be listed via an initial public
offering with a priority being given to CPH Investment Corp

The rationale for the proposal is to provide Unitholders and others,
including the public, with an avenue to invest in opportunities which
are not currently available to the public or through PBL or ecorp.
For many years the CPH Group has made investments which have been
beyond the core activities of PBL and, more recently, ecorp.

PBL will continue to maximise value for shareholders in its core
activities, which are consumer based, including television,
magazines, gaming and entertainment and business-to-consumer
e-commerce through ecorp. Additionally, both PBL and ecorp will
maintain a clear focus on their existing areas of activity as
outlined above. As a result, investors will have a clear choice of
investment vehicles by which to pursue different and focussed
opportunities; PBL, ecorp and CPH Investment Corp.

The Issue will be lead managed by Merrill Lynch International
(Australia) Limited and will comprise both a Public Issue and an
Institutional Placement. The Public Issue will be to existing CPH
Investment Corp Unitholders, existing PBL and ecorp shareholders,
applicants offered a firm allocation by the Lead Manager and members
of the public.

CPH Investment Corp Unitholders who were registered as Unitholders as
at the end of 24 March, 2000 (and persons who had bought Units in CPH
Investment Corp on ASX by the end of that day but were not yet
registered) will receive priority allocation in the Issue of up to
one new Partly Paid Unit for every one Unit held.

PBL and ecorp, shareholders who were registered PBL and ecorp
shareholders, respectively, as at the end of 24 March, 2000 (and
persons who had bought shares in PBL and ecorp on ASX by the end of
that day but were not yet registered) will also each receive a
priority. The extent of this priority will be determined, in part, by
the level of demand from existing CPH Investment Corp Unitholders.

In addition to investing under the CPH Investment Corp Priority
Issue, the CPH Group will invest in a direct placement, so as to
maintain its existing 31% interest in CPH Investment Corp, and
subscribe up to a total of $235 million.

The Issue Price will be $1.00 per Unit and is payable in two
instalments. The first instalment, payable on application for the
Partly Paid Units, will be for an amount of $0.60 per Unit, with the
balance of $0.40 per Unit payable as a final instalment on 1 June,
2001 or in the six months following that date at the discretion of
the Manager.

The directors have no current intention to divest any of the CPH
Investment Corp's holding in John Fairfax Holding Limited ("Fairfax")
shares. Unitholders however, will also be asked to approve the
payment of an incentive fee to CPH Management on the close of the
Issue, based on existing arrangements attached to the performance of
the Fairfax shares, as if they were sold at that time.

Subject to ASIC and ASX requirements, it is anticipated that the
Issue will open in early April. An Explanatory Statement and
Prospectus, outlining the details of the proposal, will be sent to
Unitholders in early April. The Issue is conditional upon Unitholder
Approval at a General Meeting to be held in early May. Subject to
this approval, it is expected that the Partly Paid Units will be
allotted and trading in late May.

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