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BCS - BrisConnections Unit Trusts

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Re: Brisconnections shareholders - financial ruin

Enzyme said:
I think you should be careful paying too much attention to what is said in this thread.
Click to expand...

Oops. That should have read I don't think you should be careful paying too much attention to what is said in this thread.
 
Re: Brisconnections shareholders - financial ruin

Enzyme said:
Oops. That should have read I don't think you should be careful paying too much attention to what is said in this thread.
Click to expand...

Now I am really confused. I am dreadful with double negatives. Should Lisa be careful or not?:confused:
All the best Lisa, I would be PMing Thermal Monster, Bushie, or Shine to see what they are doing. Find them in the Members list.
 
Re: Brisconnections shareholders - financial ruin

Lisa, I also feel very sorry for the predicament you have found yourself in. Did you buy yours through an online broker too? If so, was there any warning before you purchased?

Giving of any financial advice is not allowed on the forum and this thread is more representative of differing views and ideas. I agree with Enzyme that you need good, professional legal advice for your specific situation - LOL no matter what he meant with his mixed up sentence!

Anyway, on page 9 of the ASX release it states the circumstances where off-market transfers can be voidable. Then in the next paragraph it gives the circumstances under which the transaction will not be regarded as voidable.

So on the basis of the above and if it were me, I would be asking a good legal professional some questions along these lines:
"If Nick, Ray, Jim, Harry, George, Suzie or whoever else might pop up asking to purchase my shares and I choose to take up their offer, is that sufficient reason for transfer to stand?"
"Would this be more concrete than trying to set up a brand new company that possibly has no other purpose than as a vehicle to dispose of the shares?"
"What are my alternatives?"

I certainly don't know all the legal ins and outs of this thing, so good legal advice from a professional is a must, IMO. I hope it all works out OK :)
 
Re: Brisconnections shareholders - financial ruin

Julia said:
Are you able to post the content of the letter?
Click to expand...

I hope you can open it.Let me know if you don't.
 

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Re: Brisconnections shareholders - financial ruin

Wow, cats, very interesting to see this. Given the immense value involved, the lawyers will be chewing over this for months. At the very least, I expect the Unit holders will not have to make the first instalment (not that that was ever going to be possible for most!) until the Court has deliberated. And that could take months!
 
Re: Brisconnections shareholders - financial ruin

Thanks, Cats. As you can see, it came through perfectly. How fascinating this gets with every passing day. (with apologies to holders who must be finding it anything but fascinating.)

What have you decided to do in response to the letter, Cats?
 
Re: Brisconnections shareholders - financial ruin

As we have a few more days before the proxy form is due.....waiting to see how the court case with Bolton goes........

"Double, double, toil and trouble
Fire burn and cauldron bubble"........ (.guess Shakespeare had his bad times too.......)
 
Re: Brisconnections shareholders - financial ruin

For Lisa and the other unit holders - Ray has now said that his offer is "valid till the last business day in Mar09 conditional on securing 80 Million units". same link as before

So if you are going to go that way you don't have much time. He also says that it is conditional on him getting 80 million units, so if he doesn't get that then he can pull the plug and disappear.

If I read that Byrns letter right then they are only after unit holders proxy for the meeting, but they are not actually offering to buy anyone's units. Is that right, or have I missed something and they are actually offering to buy units as well?

Is this a correct picture of the options available to unit holders:

a. Sell to 'Ray'. Regardless of the outcome of the court case and the EGM they should be okay, having sold their shares in a legal off-market transfer to a buyer who is aware of the liability. There is a risk that the transfer might not happen if he doesn't get 80m units, or if he gets a lot more than 80m units he might not be able to take everyone's units off their hands;

b. Hold on and hope Bolton wins the current court case, and then that at the EGM Bolton, Ray and Byrns get their way.

c. ???

What else is there?

In those terms it seems pretty obvious to me taking up Ray's offer is the best option. If the transfer doesn't end up happening you're not really any worse off than holding on and hoping. If the transfer does happen then you are probably free, regardless of what happens in court or at the EGM.

The only reason not to go with Ray would be if there was another offer on the table, in which case I'd go for which ever option would get the shares off my hands the soonest. Time is running out fast, and the result of the court case could change everything.
 
Re: Brisconnections shareholders - financial ruin

Thank you, Enzyme for a great assessment!

I will strive for option (a).
 
Re: Brisconnections shareholders - financial ruin

A couple more reports of yesterdays court proceedings:

Brisbane Airport toll road in BrisConnections cash stoush

Old friends prove to be best friends

BrisCons did an ASX another release concerning the proposed meeting:

asx release

The market depth has been falling. There are about 40 fewer sellers and 40 million fewer units for sale on market than there was a week ago. Where are they all going? Could Ray already be half way to his 80 million units?
 
Re: Brisconnections shareholders - financial ruin

The AFR has an article today that says more about what happened in court than any of the articles I linked to.

It describes how the Queensland Government lawyers argued against allowing the meeting, describing how bad it would be if the trusts were wound-up: Vital project in jeopardy, refinancing difficult, would cost more to restart etc etc.

The article continued

However, Justice Ross Robson has questioned whether he has the power to prevent the meeting, and lawyers for the Queensland government admit they "don't have authority for a case of this kind".

Justice Robson said: "Unitholders are facing a very difficult position and you are saying they shouldn't hold a meeting because they would be committing a tort against the state of Queensland".

"That is not an issue before the court and I would like to hear how I can do what you ask," said the judge.
Click to expand...
 
Re: Brisconnections shareholders - financial ruin

If Anna Bligh was serious about keeping jobs she'd swoop in and invest a few $100m in Brisconnections.

Wouldn't be such a bad investment.
 
Re: Brisconnections shareholders - financial ruin

Enzyme said:
For Lisa and the other unit holders - Ray has now said that his offer is "valid till the last business day in Mar09 conditional on securing 80 Million units". same link as before

If I read that Byrns letter right then they are only after unit holders proxy for the meeting, but they are not actually offering to buy anyone's units. Is that right, or have I missed something and they are actually offering to buy units as well?
Click to expand...

Enzyme - there is another letter circulating from the Brisbane Toll Road Link Pty Ltd to which Jim Byrnes is the corporate advisor - they are hoping to get 19.9% of units as well.
 

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