BCS - BrisConnections Unit Trusts

[drsmith]

Here is one point we believe is unable to be 100% proved correct.
The PDS

In Big letters says Brisbane is the fastest growing capital city in Australia …suffering from critical transport and capacity constraints (page 7)

Thereafter they say forecast population growth 2004 2031
Brisbane is the fastest growing capital city in Australia
Source Bureau of statistics.

What's the legal requirement though ?
Statistics can be argued to show more than one point of view.

Is there direct evidence of the PDS misrepresenting ABS data ?

 

[drsmith]

Re: Special Processing - Last Day Transfers (22 April)

No extension. Will update later.


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

http://barrow.org.au/

I refer to the following article from The Australian,

http://www.theaustralian.news.com.au/business/story/0,28124,25367731-16941,00.html

and inparticular,

In a separate development yesterday, the Federal Court yesterday rejected an application from David Barrow, of the Julie Anne Barrow Charitable Trust, seeking to extend by three days the deadline for registering transfers of BrisConnections units.

The charity's website says the trust views the BrisConnection partly paid units as attractive assets to acquire by way of share transfer gift.

Barrow represented himself and told the court that he been experiencing difficulty in obtaining effective transfers and sought to extend the deadline for registration by a further three days.

The court rejected the application and awarded costs against Barrow. Barrow has been suggesting the charity now holds close to 5 per cent of BrisConnections, but at this stage it is only on the share register for 1.67 million units, or 0.5 per cent of the units on issue.

Even so that exposes the charity to a potential liability of $2.23 million. The Victorian Attorney-General Rob Hulls perhaps should consider whether to intervene to examine if there has been any breach of trustee duties and, if so, whether to enforce rights of indemnity against the trustee and to appoint a new trustee.

Upon reading that I really do wonder whether you are, put simply, in way over your head on this.

Your hope that any long term value would be realised by the early June auction date for unpaid units has also struck me as being wildly optimistic.

 

[nomore4s]

Some good news for retail holders caught up in this mess at last?

http://www.bloomberg.com/apps/news?pid=20601081&sid=aGkhmHi36bY8

Macquarie Offers to Acquire BrisConnections Units (Update1)
Share | Email | Print | A A A

By Jesse Riseborough

April 21 (Bloomberg) -- Macquarie Group Ltd. offered to acquire partly paid shares of BrisConnections from other holders, allowing investors to skip future payments and helping protect a A$4.8 billion ($3.4 billion) Australian road project.

Macquarie won’t pay for the units, and will instead assume two A$1-a-unit payments that holders are due to make on April 29 and Jan. 29, 2010, the Sydney-based bank said today in a statement to the Australian stock exchange. The offer extends to about 80 percent of BrisConnections unitholders, who have until May 4 to accept the proposal, the bank said

 

[skc]

Some good news for retail holders caught up in this mess at last?

http://www.bloomberg.com/apps/news?pid=20601081&sid=aGkhmHi36bY8

This is good news to some, but it sounds like a cruel joke to many others.

The offer has a limit for holdings under 50,000 and based on registered details as of 14 April.

Anyone who bought on Comsec at $0.1c with a minimum of $500 transaction value would have got 500,000 shares. So they are not eligible.

It is also not clear what happens to anyone who transferred their shares to $2 companies (I assume the company is still eligible) or to Humphrey B Bear...

 

[JAB_Charity]

Re: Special Processing - Last Day Transfers (22 April)

Hello Drsmith,

Upon reading that I really do wonder whether you are, put simply, in way over your head on this.

Rest assured -- in our view we stand firm in shallow water with appropriate shark nets in place.


Off to Sydney today for final in-person signing of transfers. And then some overdue R&R.


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

http://barrow.org.au/

 

[Prospector]

I will give $250-00 to the first person to email me a copy of any public documents from the bureau stating Brisbane is in 2008 the time of making the statement , April may to be more correctly put ..Brisbane is the fastest growing capital city in Australia
James W Byrnes & Associates

Jim,
Keep the $250 for the lawyers....http://www.abs.gov.au/AUSSTATS/abs@...0A92BD4DEF2E5026CA25711D00161A77?OpenDocument
http://www.abs.gov.au/Ausstats/abs@...ummary&prodno=3218.0&issue=2006-07&num=&view=

It isnt that easy brty. The PDS was produced in April 2008; at the time the available figures were therefore 2007 figures. Those links above describe the situation in 2004/5. A lot can happen in three years.

http://www.news.com.au/perthnow/story/0,21598,23460060-2761,00.html

ABS figures released today (March 31, 2008 02:00pm) show Australia's capital cities grew by a combined 1.6 per cent in the 12 months to June 30 2007 to 13.4 million. Darwin was the fastest growing capital city last financial year, expanding by 2.6 per cent to 117,395 people. Perth came in second (growing 2.3 per cent to 1.55 million) followed by Brisbane (up 2 per cent to 1.86 million).

So I believe that Jim is actually right! At the time of the PDS publication, the most recently available figures from the ABS state that Darwin, then Perth superseded Brisbane in terms of increase in % population growth. Making Darwin the fastest growing capital city in Australia.

And from the ABS website: http://www.abs.gov.au/Ausstats/abs@...ummary&prodno=3218.0&issue=2006-07&num=&view=
MEDIA RELEASE
March 31, 2008
Embargoed 11.30 am (AEDT)

The fastest growing capital city SD was Darwin SD (2.6%).
And in terms of increase in actual numbers, it was Melbourne:
Melbourne SD experienced the largest population growth of all Australian capital city SDs, increasing by 61,700 people in 2006-07, followed by Sydney SD (52,000 people).

 

[Prospector]

http://www.abs.gov.au/Ausstats/abs@...ummary&prodno=3218.0&issue=2006-07&num=&view=
The population of Brisbane (C) surpassed the population milestone of 1 million during 2006-07, to reach 1,010,000. * Of all Statistical Local Areas (SLAs) in Australia with a population greater than 2,000 as at 30 June 2006, the three fastest-growing were in Brisbane SD, namely Wakerley (22.0%), City-Inner (21.2%) and Griffin-Mango Hill (20.2%).

And the quote from this link is of no relevance to the rate of growth in Brisbane in FY 2007 as compared with other Capital Cities. It is simply a 'stand alone' statement. The 'three fastest growing' refers to the three fastest growing parts of the Brisbane statistical district. Melbourne's population is 3.68 million; Brisbane only just topped the 1 million mark in 2007. Hope the charity wasnt counting on the money.

If you discount Darwin as a Capital City (and this could be argued) then Perth will take first place, giving Brisbane the second spot!

 

[nomore4s]

If you discount Darwin as a Capital City (and this could be argued)

Hey that's a bit harsh, I don't bag out your city (that much anyway):

 

[Enzyme]

Nick Bolton has transferred his shares:

New Nicholas Bolton twist at BrisConnections

 

[Prospector]

Hey that's a bit harsh, I don't bag out your city (that much anyway):

not me nomore4s - but my partner said a QC might have a go at doing this! Just covering all the bases!

Sigh, I would have loved to have been a lawyer.....seriously!

 

[JAB_Charity]

Reminder: We are receiving donations of BCSCA units via:

(1) CommSec to CommSec account; OR

(2) From your Link sponsor-registered


** No other Brokers -- e.g E*Trade can now be handled **


This Last Day Transfers (22 April) special processing will be available at the following times Only:


(A) Transfer Forms collected BY 11AM (drop-dead-line) WED 22 April from the serviced office of The Julie Anne Barrow Charitable Trust:

63/85 Grattan Street, Melbourne VIC 3053

(B) Transfer Forms collected BY 4PM in CBD Sydney:

~2:30pm Link Registry Office Level 12, 680 George Street
~3:45pm CommSec 120 Pitt Street

See Link Issuer-Sponsor form:

http://www.barrow.org.au/files/transfer_form_bcsca_brisconnections.pdf

See CommSec form:

http://www.barrow.org.au/files/commsec_transfer_form_briscon.pdf


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

Mbl: 0448 778 737


http://barrow.org.au/

 

[drsmith]

This is good news to some, but it sounds like a cruel joke to many others.

The offer has a limit for holdings under 50,000 and based on registered details as of 14 April.

Anyone who bought on Comsec at $0.1c with a minimum of $500 transaction value would have got 500,000 shares. So they are not eligible.

It is also not clear what happens to anyone who transferred their shares to $2 companies (I assume the company is still eligible) or to Humphrey B Bear...

According to Business Spectator, Macquarie's offer to unitholders with 50,000 units or less represents only 2.5% of the total units on issue.

Going to 500,000 units may have resulted in Macquarie breaching the 20% takeover threshold so perhaps that won't come until agreement is reached with Deutsche and possibly the Queensland Government.

I would estimate about 30% of thits would still be in retail holders hands outside of the following group,

Nicholas Bolton (Williams ??): ~20%
JAB & Jim: ~15% to 25% (perhaps these guys can confirm their positions later today or tomorrow).
Macquarie: ~10% (includes buyout of private clients as reported by the AFR over the weekend.
QIC: ~10%.
Other funds: ~10% (7% in one, 3% in another).

 

[drsmith]

Re: Special Processing - Last Day Transfers (22 April)

Rest assured -- in our view we stand firm in shallow water with appropriate shark nets in place.
http://barrow.org.au/

With regard to your court case yesterday I recall reading in one media report that you represented yourself. Is this correct ?

If so, then to what extent are you receiving legal advice and representation ?

Should you go head to head with Macquarie's lawyers you might find they are more like a giant school of paranas than a shark.

 

[MeToo]

2.00pm and BCSCA still showing in my account today. Looks like not getting transferred out, even with documentation in order and paying the $1000 contribution transfer fee on Monday .

Question now is what happens if share gets transferred out after tomorrow, who is liable for the $1.

Will I be liable for the $1.00 but I no longer hold the shares?

Then there is the class action. Will the class action be able to stop the call?

When big boy come out to play, I prefer watching from the sideline. At the moment feel like the ball.

 

[jim Byrnes]

Re: Special Processing - Last Day Transfers (22 April)

With regard to your court case yesterday I recall reading in one media report that you represented yourself. Is this correct ?

If so, then to what extent are you receiving legal advice and representation ?

Should you go head to head with Macquarie's lawyers you might find they are more like a giant school of paranas than a shark.

Dear All

I confirm that BTRL has completed over 13 million in transfers this week

final figure to be calculated and will be provided to the ASX , and BCML in accordance with the companies obligations to BCML and the ASX .

the final Holding of BTRL will be in the range of 63m-65m TBA.

I apologise for not being specific on causes of action. In fact I may have even thrown in a few read hearings as I know Mac Bank and BCML read the blogs .

if so , sorry guys for wasting dozens of hours of your time researching our red hearings .....

Next
I can confirm that a very very high profile QC has agreed to act on the class action .
we also have engaged 2 snr juniors.

there also has been a meeting requestioned by Brisbane Toll Road Link .

There are additional causes of action available to BTRL and ALL unit holders once the Class action is filed.

The class action is for ALL UNIT HOLDERS PAST AND PRESENT

 

[jim Byrnes]

2.00pm and BCSCA still showing in my account today. Looks like not getting transferred out, even with documentation in order and paying the $1000 contribution transfer fee on Monday .

Question now is what happens if share gets transferred out after tomorrow, who is liable for the $1.

Will I be liable for the $1.00 but I no longer hold the shares?

Then there is the class action. Will the class action be able to stop the call?

When big boy come out to play, I prefer watching from the sideline. At the moment feel like the ball.

speak to
David Meadows
CHESS Team Leader | Operations

p: 02 8019 3250 f: 02 9241 7954
E*TRADE Australia, Level 7, 10 Bridge Street, Sydney NSW 2000
he has confirmed your transfer has been accepted and processed

 

[Julia]

speak to
David Meadows
CHESS Team Leader | Operations

p: 02 8019 3250 f: 02 9241 7954
E*TRADE Australia, Level 7, 10 Bridge Street, Sydney NSW 2000
he has confirmed your transfer has been accepted and processed

Good to hear this. Big relief, huh, MeToo?

 

[jim Byrnes]

:
funny who you meet in the stangest of places . Anyone want to know where David Barrow was this afternoon...We ran into each other at link registry .
We wanted to check who was still on and who was gone ...::

we also wanted to check our holdings . as at close of buisness yesterday Brisbane toll road link has 59,546,014 units registered . add to this units being proceesed by E Trade and Comsec today and BTRL will have in excess of 70 million units registered .
A close second to Australian Style investments , who despite attempts to transfer are still unit holders :...Guess someone chalenged there transfer ...no doubt they can attempt to resolve this tomorrow ...opps thats a problem .

Nick , its about time you gave me a call ...

 

[jim Byrnes]

:
funny who you meet in the stangest of places . Anyone want to know where David Barrow was this afternoon...We ran into each other at link registry .
We wanted to check who was still on and who was gone ...::

we also wanted to check our holdings . as at close of buisness yesterday Brisbane toll road link has 59,546,014 units registered . add to this units being proceesed by E Trade and Comsec today and BTRL will have in excess of 70 million units registered .
A close second to Australian Style investments , who despite attempts to transfer are still unit holders :...Guess someone chalenged there transfer ...no doubt they can attempt to resolve this tomorrow ...opps thats a problem .

Nick , its about time you gave me a call ...

i just got a call from a jurno , it seems that brisconnections at 4pm agreed to allow the transfer from ASI to the bankrupt to proceed ...opps not bankrupt yet . we will see

 

[Prospector]

Thanks for all the updates Jim and David - nice to hear something other than what the media decides we need to know! :