- Joined
- 30 December 2007
- Posts
- 591
- Reactions
- 0
Some people are cutting and pasting my posts here and posting them on another forum. That's a bit rich.
BBI - Babcock & Brown Infrastructure
- Thread starter roland
- Start date
The AFR today said George Batsakis of Hastings (7% of BEPPAs) suggested 10c to 15c per EPS as potential upside for EPS holders on the sale of AETD assets.
If Hastings have formed this view then suggest BBI should be able to demonstrate it too.
If the value is there for EPS holders and you want the YES vote then it is time for BBI to get the numbers out.
And if BBI believe the numbers then why not guarantee at least 10c and include it in the offer and pay it out with the dividend payment on 25 November.
The new offer would then become 53c + possibly 5c (based on Hastings 15c) + $? potential upside from the PIGs.
Or even better IMO lock in the 15c to offer 58c (and keep any balance from the AETD sale) which is cleaner all round. NOTE: As extra inducement could also add it any balance from AETD sale.
Both are far superior offers to the current 43c + $? from AETD sale + $? potential upside from the PIGs.
The new offers would get my YES vote and I expect would be very tempting to any others considering a NO vote. It would certainly make them relook at their strategy.
C'mon BBI - If you are serious then it is time to act.
holding BEPPs
If Hastings have formed this view then suggest BBI should be able to demonstrate it too.
If the value is there for EPS holders and you want the YES vote then it is time for BBI to get the numbers out.
And if BBI believe the numbers then why not guarantee at least 10c and include it in the offer and pay it out with the dividend payment on 25 November.
The new offer would then become 53c + possibly 5c (based on Hastings 15c) + $? potential upside from the PIGs.
Or even better IMO lock in the 15c to offer 58c (and keep any balance from the AETD sale) which is cleaner all round. NOTE: As extra inducement could also add it any balance from AETD sale.
Both are far superior offers to the current 43c + $? from AETD sale + $? potential upside from the PIGs.
The new offers would get my YES vote and I expect would be very tempting to any others considering a NO vote. It would certainly make them relook at their strategy.
C'mon BBI - If you are serious then it is time to act.
holding BEPPs
- Joined
- 30 December 2007
- Posts
- 591
- Reactions
- 0
I spoke with a contact at Macquarie (not the corporate arm) this morning. He said it is difficult to know with certainty whether the vote will get up but from what he had heard around the traps, it is his opinion that the vote will be a YES for both BBI and BEPPA holders and BAM will win the day.
- Joined
- 18 March 2009
- Posts
- 284
- Reactions
- 0
IF the vote is YES the reason will be the cross ownership of many of the larger holders. some majors own BBI, Beppa's and SPARC. you vote for your best overall outcome. it could be that getting the full $1 for sparcs and 4c for BBI is enough to compensate for the loss on Beppa.
the other overwhelming issue is the certainty that bam provides. sure rbs may have an alternative but they havent made it official and they havent proved to the market that it is superior or more importantly that they can implement it in a timely fashion to staive off VA.
further more what would rbs require us to vote on? if we vote bam down will the same people just block rbs too.
the other overwhelming issue is the certainty that bam provides. sure rbs may have an alternative but they havent made it official and they havent proved to the market that it is superior or more importantly that they can implement it in a timely fashion to staive off VA.
further more what would rbs require us to vote on? if we vote bam down will the same people just block rbs too.
RBS circulated some alternative ideas but never came forward with a concrete proposal. The talk not only involves slightly less money than BAM, it is also unclear how RBS intents to raise the money. Talk is cheap!
Remember: RBS is a crippled bank controlled by the British government. There is no way this “bank” will finance the restructuring itself.
I wonder what BEPPA holders complain about. If BAM’s proposal is voted down, BBI ends up in liquidation because BAM gets indemnified nicely for its trouble – millions in cash and (some) ownership of DBCT which is BBI’s highest quality asset.
In liquidation, BEPPA holders might get around 10 cents from the sale of AET&D, but potentially nothing at all. They rank behind ordinary debt.
Why could BEPPA holders vote down BAM’s proposal? There is a high 75% hurdle and some holders might have sinister intentions: BBI’s assets in liquidation could be bought cheaply. (Do the math: It does not take that many millions to block the vote!)
Tomorrow’s vote will show!
Disclosure: I own some bbn020 (the bond quoted on nzx), but have no other association with BBI.
Remember: RBS is a crippled bank controlled by the British government. There is no way this “bank” will finance the restructuring itself.
I wonder what BEPPA holders complain about. If BAM’s proposal is voted down, BBI ends up in liquidation because BAM gets indemnified nicely for its trouble – millions in cash and (some) ownership of DBCT which is BBI’s highest quality asset.
In liquidation, BEPPA holders might get around 10 cents from the sale of AET&D, but potentially nothing at all. They rank behind ordinary debt.
Why could BEPPA holders vote down BAM’s proposal? There is a high 75% hurdle and some holders might have sinister intentions: BBI’s assets in liquidation could be bought cheaply. (Do the math: It does not take that many millions to block the vote!)
Tomorrow’s vote will show!
Disclosure: I own some bbn020 (the bond quoted on nzx), but have no other association with BBI.
- Joined
- 14 October 2009
- Posts
- 40
- Reactions
- 0
what a disgrace....management, who oversaw this massive destruction, get to keep their jobs and start anew....ords holders are screwed...
what a disgrace of a company....leaving everything to the last minute to raise capital
only ones to have done well are BAM and directors....freakin disgrace
what a disgrace of a company....leaving everything to the last minute to raise capital
only ones to have done well are BAM and directors....freakin disgrace
- Joined
- 1 November 2007
- Posts
- 45
- Reactions
- 0
I am more than willing to contribute my 4c per share to a special fund that could be used to give the thieving directors - how you say - a special bonus
nulla nulla
Positive Expectancy
- Joined
- 24 September 2008
- Posts
- 3,588
- Reactions
- 133
To be effective, the votes were required to be lodged 48 hours before the meeting. This gives them time to count the votes and know in advance whether they are going to get away with the rort or not.
It wouldn't surprise me if they canvassed anyone that had'nt voted, to get them in for inclusion before the meeting, if they need a few more votes.
It wouldn't surprise me if they canvassed anyone that had'nt voted, to get them in for inclusion before the meeting, if they need a few more votes.
As a holder of BEPPA and BBI, I personally am happy with the results of yesterday...as an investor anyway...
Do i think RBS would have had a better deal on the table?...Probably...nothing was there in concrete as far as we saw it anyway. BBI are not going to allow an 'obstruction' in the road that increases the chances of director cutting...which by the way i am in favour of.
Do i think RBS would have had a better deal on the table?...Probably...nothing was there in concrete as far as we saw it anyway. BBI are not going to allow an 'obstruction' in the road that increases the chances of director cutting...which by the way i am in favour of.
- Joined
- 26 January 2009
- Posts
- 322
- Reactions
- 0
MESSAGE FROM BBI MANAGEMENT TO BBI SECURITYHOLDERS:
"goodbye, farewell and adeiu, you can all p*ss off now cos we done got all your money... suckers!!"
MESSAGE ENDS.
"goodbye, farewell and adeiu, you can all p*ss off now cos we done got all your money... suckers!!"
MESSAGE ENDS.
Sorry if this sounds stupid, but i thought BBI was meant to recommence trading today, but when i look them up on comsec they are invalid. any ideas?
OK, it seems that they are temp. under BBIDA, but this doesn't show in my portfolio. + how do i know how many BBI shares is worth 1 of these BBIDA ones?
OK, it seems that they are temp. under BBIDA, but this doesn't show in my portfolio. + how do i know how many BBI shares is worth 1 of these BBIDA ones?
- Joined
- 8 January 2009
- Posts
- 13
- Reactions
- 0
QUOTE=King EU;512998]Sorry if this sounds stupid, but i thought BBI was meant to recommence trading today, but when i look them up on comsec they are invalid. any ideas?
OK, it seems that they are temp. under BBIDA, but this doesn't show in my portfolio. + how do i know how many BBI shares is worth 1 of these BBIDA ones?[/QUOTE]
yes, same problem with comsec.
OK, it seems that they are temp. under BBIDA, but this doesn't show in my portfolio. + how do i know how many BBI shares is worth 1 of these BBIDA ones?[/QUOTE]
yes, same problem with comsec.
- Joined
- 26 January 2009
- Posts
- 322
- Reactions
- 0
BBI, BEPPA & SPARKS have now been converted to prime infra shares,
the conversion rate for BBI is 15000 BBI shares = 1 prime infra share... if you have less than 15000 BBI shares you get nothing.
the conversion rate for BBI is 15000 BBI shares = 1 prime infra share... if you have less than 15000 BBI shares you get nothing.
Prime Infrastructure has completed its A$1.5bn (US$1.4bn) recapitalisation. Cornerstone investor Brookfield Asset Management has subscribed for convertible notes worth A$295m and entered into other agreements which give it a 49.9% economic interest in Dalrymple Bay coal terminal. Brookfield now holds a 39.9% stake in Prime Infrastructure. Credit Suisse and Macquarie were joint lead managers and underwriters.
Well then, i hope prime share does not = BBIDA cos they're going for about $4.3 each right now...
----------------------------------------------------------------------
If the conversion is 15000 to 1 and I held about 35000 BBI shares will I get 2 or 3 Prime shares? How can I sell my new Prime shares when brokerage will be higher than the sales value? Shouldn't Prime be selling at about $500 per share when you take into account BBI's last selling price at about .035?
Mysteries???
- Joined
- 28 October 2008
- Posts
- 8,609
- Reactions
- 39
BBI holders also get $0.04 per share capital return so for 35000 BBI shares one would get $1400 cash and 2 Prime shares. The intention was to dilute former BBI holders out of existence and the $0.04 per BBI unit was a token payment in relation to that.If the conversion is 15000 to 1 and I held about 35000 BBI shares will I get 2 or 3 Prime shares? How can I sell my new Prime shares when brokerage will be higher than the sales value? Shouldn't Prime be selling at about $500 per share when you take into account BBI's last selling price at about .035?
Mysteries???
- Joined
- 11 January 2007
- Posts
- 791
- Reactions
- 1
You will get your 4 cents capital distribution also so in effect each BBI share has a value of $0.0403 cents per share (using current BBIDA price of $4.15.
All subject to you holding at the distribution date of 16 November.
Not good if you have owned for any period of time.
Thanks for the info.
But what use is 2 ridiculous Prime shares? Maybe they should have a buyback of the small unsaleable parcels of shares that they have created.
Otherwise I am forced to buy some more Prime shares to make up a worthwhile saleable quantity. And the minimum purchase value of a transaction is $500.
Surely this could have been handled a lot better.
Signed, Disgruntled BBI investor.
