BCS - BrisConnections Unit Trusts

[drsmith]

Agree with Sails - ramping surely isn't going to be a problem!!
I think it should go back into the General Chat section.

Perhaps what the forum needs is intensive care, a morgue and a cemetery.

This one would obviously be in intensive care but by the end of the day it might be in the morgue.

 

[sails]

Here's an update on the meeting titled "BrisConn boss faces fire": http://www.brisbanetimes.com.au/qld-news/brisconn-boss-faces-fire-20090414-a5cn.html

Perhaps what the forum needs is intensive care, a morgue and a cemetery.

This one would obviously be in intensive care but by the end of the day it might be in the morgue.

I think it would be prudent to have any of these "CA", "CB" etc partly paid units in a separate category to normal ASX shares with three letter codes. At least it might help ASF members in the future to realise they are not normal...

 

[drsmith]

Here's an update on the meeting titled "BrisConn boss faces fire": http://www.brisbanetimes.com.au/qld-news/brisconn-boss-faces-fire-20090414-a5cn.html

A failed attempt to knock off Trevor Rowe as chariman of the meeting.

I think it would be prudent to have any of these "CA", "CB" etc partly paid units in a separate category to normal ASX shares with three letter codes. At least it might help ASF members in the future to realise they are not normal...

In all seriousness that is something worth considering.

 

[Enzyme]

No sign yet of any results from the meeting, but Trevor Rowe's presentation to the meeting is here:

http://newsstore.theage.com.au/apps/previewDocument.ac?docID=GCA00943808BCS&f=pdf

 

[Enzyme]

Here is the first report I've seen from what is going on in the meeting:

BrisConn boss faces fire

Oops. Sails beat me by half an hour with that link. Sorry.

 

[sails]

BrisConn wind-up move fails - full report here: http://business.brisbanetimes.com.au/business/brisconn-windup-move-fails-20090414-a56b.html

 

[Absolutely]

BrisConn wind-up move fails - full report here: http://business.brisbanetimes.com.au/business/brisconn-windup-move-fails-20090414-a56b.html

Pretty much expected. It's the other motions which will be interesting.

Pity they didn't get rid of Rowe.

 

[investorpaul]

Wow - still a few more motions to go before holders today. It is an amazing story for those watching on the sidelines.

If i studied corporate law other something similar I would love to tackle this as an assignment

 

[drsmith]

While the wind up vote failed (as expected) it would be interesting to see the numbers as they may offer a guide as to how Nick Bolton's other resolutions will fare.

 

[sails]

No sign yet of any results from the meeting, but Trevor Rowe's presentation to the meeting is here:

http://newsstore.theage.com.au/apps/previewDocument.ac?docID=GCA00943808BCS&f=pdf

I see refreshments is the last thing on the agenda. How interesting to be a fly on the wall. Can't imagine it being exactly a happy social time by the end of this meeting unless someone can come up with a win:win for all.

 

[sails]

While the wind up vote failed (as expected) it would be interesting to see the numbers as they may offer a guide as to how Nick Bolton's other resolutions will fare.

Here is the info:

The BrisConnections board urged investors to vote against the resolution and it was defeated by a margin of 64 per cent to 36 per cent.

Source: http://www.abc.net.au/news/stories/2009/04/14/2542371.htm?site=brisbane

I wonder what's happening with the postal votes?

 

[drsmith]

How interesting to be a fly on the wall.

Indeed.

I'm suprised some bright spark at Macquarie Bank didn't suggest selling broadcast rights.

 

[Enzyme]

I was just listening to ABC radio. They crossed to an interview with a reporter at the meeting. The reporter said Nick Bolton voted against the resolution to wind up BrisConnections!

Two court cases and hundreds of thousands of dollars in court cases to have the meeting, and he voted against his own resolution.

There are another six resolutions to follow....

 

[sails]

I was just listening to ABC radio. They crossed to an interview with a reporter at the meeting. The reporter said Nick Bolton voted against the resolution to wind up BrisConnections!

Two court cases and hundreds of thousands of dollars in court cases to have the meeting, and he voted against his own resolution.

There are another six resolutions to follow....

Here is an article confirming what you heard on radio, Enzyme:
http://business.watoday.com.au/business/brisconn-bolton-does-uturn-20090414-a56b.html

and further reading that article - here is another surprise:

BrisConnections chairman, Trevor Rowe, told an angry meeting of unit holders that Mr Bolton's company, Australian Style Investments, had voted against all seven resolutions when its proxies were received on Saturday.

The twists and turns in this thing are unbelievable. If the media report on the vote percentages is correct, Bolton's votes would have probably got it through - although I'm not sure of his exact percentage.

I makes one wonder what deals have already been done, what went on in the meeting Bolton had with Rowe, etc.

 

[alphaman]

Apparently Bolton voted against his own proposals. So many twists and turns.

http://business.smh.com.au/business/brisconn-bolton-does-uturn-20090414-a56b.html

 

[drsmith]

According to the above article Michael Bolton has voted against each and every one of his own resolutions.

 

[investorpaul]

What the hell is going on, Bolton is mad, crazy and nuts all put together.

It smells a bit to me, maybe another deal has been done that we dont know about.

 

[Prospector]

Hey guys, I understand you are excited but we get it that Bolton voted against each one of his resolutions, no need to repeat it so many times

 

[drsmith]

The twists and turns in this thing are unbelievable. If the media report on the vote percentages is correct, Bolton's votes would have probably got it through - although I'm not sure of his exact percentage.

I makes one wonder what deals have already been done, what went on in the meeting Bolton had with Rowe, etc.

Had Bolton supported the wind up resolution the vote in favour would have been around 56% which would have has the RE on very shaky ground in relation to the other resolutions.

No deal has been done either according to the same article.

Mr Rowe said there was no offer to retail shareholders to absolve them of their installment payments.

''We are dissappointed with that and have been working very hard ourselves,'' Mr Rowe said.

''As the events of last week showed you, we got close, but we weren't able to get a proposal from the underwriters over the line. We have had umpteen meetings to try and resolve this, but as I stand before, I don't have an answer to all this.''

Perhaps Bolton just hit the panic button.

 

[sails]

The plot thickens - this might explain a bit:

In a dramatic twist to the BrisConnections saga, rebel shareholder Nicholas Bolton has sold his 77 million shares to Leighton Holdings subsidiary Theiss-John Holland.

Source: http://business.theage.com.au/business/brisconn-bolton-does-a-deal-20090414-a56b.html

I wonder where this leaves the retail people still holding...