BCS - BrisConnections Unit Trusts

[investorpaul]

Just out of curiousity, who would he be hated by? I just wanted to see that the hapless retail investors that mistakenly bought up endless debt got off the hook. That has happened, hasn't it? He white knoghts some retail inverstors, he obv bought a lot by himself as part of his plan.

I personally think hes a genius, but I think there would be alot of mum and dad investors who had got there hopes up about Boltons resolutions being passed and thus being absolved of the future liabilities.

Those mum and dad have had their bubble bust and once again could face financial ruin. They are the ones who would be angry because whether they should have or not many viewed him as a white knight, which he isnt (nor did he have any responsibility to be)

 

[Largesse]

he simply played the game of brinkmanship a lot better than BCS or any of the affiliated/associated entities could

BECAUSE

he had SOOOOOOOOO much less to lose.

They simply couldn't run the risk of him derailing a multibillion dollar project.

In the end paying him off, because this is simply what has happened, was the safest option. And really, when you look at the overall picture, $4.5million is cheap. A large profit for him, but p1ss change for the guys he was up against

 

[Largesse]

I personally think hes a genius, but I think there would be alot of mum and dad investors who had got there hopes up about Boltons resolutions being passed and thus being absolved of the future liabilities.

Those mum and dad have had their bubble bust and once again could face financial ruin. They are the ones who would be angry because whether they should have or not many viewed him as a white knight, which he isnt (nor did he have any responsibility to be)

I think alot of the Mum and Dads will feel used by him, he clearly let the media run with the heartache stories of battlers facing financial ruin, this would've definitely benefited his cause

 

[Rastan]

There's a lot of retail investors still in who were relying on his motion being passed to have a chance of not having to pay the coming installments. The likelihood is that they will now be pursued if they havn't managed to offload, and could lose everything.

Ahh... thx... Any reason they didnt sell to him when they had the chance?

And leightons could be graceful and offer to buy other relatively small parcels for .01. If Bolton is making a profit, he is seling at more than .01. Leightons should offer other investors the chance to sell at .01 but life often isn't that fair.

 

[sails]

Just found this article titled "Nicholas Bolton strikes $4.5m deal to skip vote to wind up BrisConnections" and in there it states:

Mr Rowe said "it appears" from the ASX documents that Thiess John Holland, the main contractor for the project, had purchased Mr Bolton's votes for $4.5 million but would not become a unitholder.

... so Thiess John Holland does not become a unit holder - they simply purchased votes from Bolton
So is Bolton still a unit holder???

Source: http://www.theaustralian.news.com.au/business/story/0,28124,25332806-643,00.html

 

[Enzyme]

Impressive indeed, and he did it with minimal risk. I used to think he got into the game only because he bought BCSCA by mistake, but now I think maybe he did plan something like this all along. Outcome bias is powerful indeed.

Anyway this should make him trader of the year.

There is absolutely no doubt that he knew of the liability before he purchased the shares.

That was in the findings from the court case from Victorian Supreme Court - look for the link posted a week or so ago. Bolton had two ways of buying shares for ASI: A broker and his comsec account. The court heard that Bolton instructed his broker to buy the $47k worth of BCSCA, but the broker refused because of the liability. So he then went out and brought them anyway through his comsec account.

 

[Prospector]

]. so Thiess John Holland does not become a unit holder - they simply purchased votes from Bolton
So is Bolton still a unit holder???

Source: http://www.theaustralian.news.com.au/business/story/0,28124,25332806-643,00.html

Which means he still has the shares, and now the money to pay for the next instalment? So he has sold other people's proxies to a higher bidder.

 

[alphaman]

... so Thiess John Holland does not become a unit holder - they simply purchased votes from Bolton
So is Bolton still a unit holder???
]

Now that's weird. i've always thought initial substantial holder notice means just that, you have to be a holder.

 

[Absolutely]

Just found this article titled "Nicholas Bolton strikes $4.5m deal to skip vote to wind up BrisConnections" and in there it states:



... so Thiess John Holland does not become a unit holder - they simply purchased votes from Bolton
So is Bolton still a unit holder???

Source: http://www.theaustralian.news.com.au/business/story/0,28124,25332806-643,00.html

I think probably Leighton are the holder. Thiess John Holland are probably their proxy. Very confusing but I don't think Bolton holds anymore.

 

[drsmith]

Just found this article titled "Nicholas Bolton strikes $4.5m deal to skip vote to wind up BrisConnections" and in there it states:



... so Thiess John Holland does not become a unit holder - they simply purchased votes from Bolton
So is Bolton still a unit holder???

Source: http://www.theaustralian.news.com.au/business/story/0,28124,25332806-643,00.html

Perhaps a second deal has been struck to transfer the BCSCA units from Leighton to Macquarie and/or QIC

 

[steve999]

Where's Sunder?

Further proof that you can't really hold the sellers liable for the actions of the buyer. I'm sure Bolton didn't tell them what he planned to do prior to purchase.

 

[Judd]

Folks, please read the ASX release by LEI.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00943933

It explains the lot, especially the Deed of Agreement which is an Attachment to LEI's announcement.

 

[drsmith]

It was Leighton holdings who hit the panic button.

http://www.asx.com.au/asxpdf/20090414/pdf/31h1plj89s590c.pdf

Thiess John Holland said it had approached Australian Style Investments last Wednesday to secure its proxies for the BrisConnections meeting. This action was taken to maximise the opportunity to ensure the viability of the project and to secure the jobs of the many thousands of workers, subcontractors, consultants and suppliers contributing to the project.

 

[skc]

So Nick still holds the securities and is liable for the installment payments (assuming the status quo remains).

I guess he's going to exercise his put option on the securities so he doesn't have to pay the $154m.

Wasn't there an expiry date to his put option? Anyone remember that date?

 

[yttrium]

Obviously Bolton sees no problem with offloading his shareholding via an off-market transfer. Tigerboi's comments are very pertinent here, as he intimated that the eastlink tunnel, at around 10 km, cost around 800 million in 2001. This might mean that there were some extremely lucrative contracts to protect.

 

[Mc Gusto]

Just found this article titled "Nicholas Bolton strikes $4.5m deal to skip vote to wind up BrisConnections" and in there it states:



... so Thiess John Holland does not become a unit holder - they simply purchased votes from Bolton
So is Bolton still a unit holder???

Source: http://www.theaustralian.news.com.au/business/story/0,28124,25332806-643,00.html

Keeerrrreeect. This is what i have heard...the vote was bought but not the units. there is a lot of misrepresentation in the press at the moment. I have this from as close to the source as you can get

 

[investorpaul]

Folks, please read the ASX release by LEI.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00943933

It explains the lot, especially the Deed of Agreement which is an Attachment to LEI's announcement.

So Bolton gave Leighton/Theiss his proxies, but remains the holder only until the close of the meeting today. I.E. by close of business today he will hold no briscon units Thats how i read it, any other views?

 

[Judd]

So Nick still holds the securities and is liable for the installment payments (assuming the status quo remains).

I guess he's going to exercise his put option on the securities so he doesn't have to pay the $154m.

Wasn't there an expiry date to his put option? Anyone remember that date?

No. He will not own the shares after today. READ the bloody attachment to this post. He has done a smart piece of greenmail with LEI.

 

[jackson8]

i am sure mr bolton would have known what he was doing right from the start
he must have known that a project of that size with the amount of money spent on it that someone would come in with an offer to stop it from being wound up

no wonder he did not turn up at the meeting

would be wanting to dissappear for awhile as i am sure there are a lot of other sp holders feeling a bit jilted at him selling them out.

 

[skc]

No. He will not own the shares after today. READ the bloody attachment to this post. He has done a smart piece of greenmail with LEI.

Where do you read that?

The deed clearly states that "ASI remains the registered and beneficial holder of all the units". Nick sold the proxies, not the units. There is no debate about that.

Nick still needs to off load his liability somehow.