Another four hundred grand down the drain.
That would have paid for at least half a metre of the Brisconnections Golden Carriageway.
What I don't really understand is why Brisconnections haven't done more to try and resolve he problem with some of the retail shareholders caught up in this mess, they are carrying on a bit like @rses if you ask me.
ATM it is a no win situation for both parties imo -
That journo should do some research and read this ASF Thread. In which case he would have know that Bolton did not offer a "$1305 fee", but rather charged a $1305 fee to take ownership of the donated shares.
Is there a difference?
Standard operating procedure for big companies, bankrupt the small guy with court/lawyer fees even if the lawsuits have zero chance of succeeding.
Mr Bolton could arguably ask the courts to wind up Brisconnections under the same act, in particular Sect461(1e,1f).
CORPORATIONS ACT 2001 - SECT 461
(1) The Court may order the winding up of a company if:
(e) directors have acted in affairs of the company in their own interests rather than in the interests of the members as a whole, or in any other manner whatsoever that appears to be unfair or unjust to other members; or
(f) affairs of the company are being conducted in a manner that is oppressive or unfairly prejudicial to, or unfairly discriminatory against, a member or members or in a manner that is contrary to the interests of the members as a whole; or
My read would be to not pay the $1.00 instalment until after you know if BCS will be wound up.What if I does pay $1.00 installment for every shares I have to BCS , and it ended up company winding-up?
If the company winding up, what will happen to the whole project ? there are 600+ workers currently on the project i guess.
If the trust is wound up what's to stop the underwriters providing the instalment cash to complete the project? They will most likely be up for most of it in any case.If Bolton wins and winds up the company the road will not be built and the workers will be out of jobs. In the current climate I can't see a private investor stepping in to rescue the project. If the government doesn't step in the project will be dead.
I see that another eight investors have donated Bolton another 5 million shares: link
Those transfers are all over a month old.
The market price of Units is determined by the market and is not controlled or determined by BrisConnections. Irrespective of the price set by the market, it is possible for investors to trade their Units to willing buyers on or off market, or accept an offer or other proposal should one be forthcoming. The board notes that ASI itself has proven a very active aquirer of Units. If the resolution is passed, then there will likely no value whatsoever in the Units, even though the liability to pay the next two installments of $1.00 remains, and no opportunity to trade or accept any potential proposals.
I can't see why the Qld government would pay anything when Maquarie and Deutsche have underwritten the project.If the trust is wound up what's to stop the underwriters providing the instalment cash to complete the project? They will most likely be up for most of it in any case.
That being said if the underwriters could get the Queensland Government to throw a bit (or all of it) into the tin I'm sure they wouldn't complain.
dr, that still ignores Maquarie & Deutsche's responsibility to come up with the necessary funds in terms of the underwriting agreement. Perhaps I'm missing something, but I can't see why the Qld govt would have any obligation in this mess.They wouldn't for sure but what if the situation arose where it was a choice (politically) between a half finished major road project and the instalment dollars to complete it.
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