BNBs timely responses to marke shows a well managed entity..
Not to sure what are the implications at the end of the press release.. if someone can explain that'll be great.
ASX Release
31 January 2008
International investment and specialised fund and asset management group
Babcock & Brown (ASX: BNB) today clarified its relationship with Tricom
Equities (Tricom) in light of media reports over the last few days.
Phil Green CEO of Babcock & Brown said “I am confident that Tricom will work
through its current issues successfully. However in response to market
concerns, Babcock & Brown advises it is not a material creditor of Tricom and
our business is in no way impacted by the difficulties facing Tricom. Babcock &
Brown’s relationship with Tricom encompasses traditional stockbroking and
capital market services. In this regard we confirm the following:
• Neither Babcock & Brown, nor any of its senior executives, have extended
cash facilities to Tricom.
• Neither Babcock & Brown, nor its senior executives, have equity in the
Tricom business.
• Babcock & Brown has no current dealings with Tricom in relation to any of
its equity investments in its managed funds.
“Babcock & Brown currently holds one stock loan position with Tricom in a non
Babcock & Brown related stock, an approximate gross position of $50m and a
borrowing from Tricom of approximately $10m. In addition Tricom holds
convertible notes that Babcock & Brown owns in a listed entity, with a face
value of circa $10m, which are currently being redeemed by the issuer.
Not to sure what are the implications at the end of the press release.. if someone can explain that'll be great.
ASX Release
31 January 2008
International investment and specialised fund and asset management group
Babcock & Brown (ASX: BNB) today clarified its relationship with Tricom
Equities (Tricom) in light of media reports over the last few days.
Phil Green CEO of Babcock & Brown said “I am confident that Tricom will work
through its current issues successfully. However in response to market
concerns, Babcock & Brown advises it is not a material creditor of Tricom and
our business is in no way impacted by the difficulties facing Tricom. Babcock &
Brown’s relationship with Tricom encompasses traditional stockbroking and
capital market services. In this regard we confirm the following:
• Neither Babcock & Brown, nor any of its senior executives, have extended
cash facilities to Tricom.
• Neither Babcock & Brown, nor its senior executives, have equity in the
Tricom business.
• Babcock & Brown has no current dealings with Tricom in relation to any of
its equity investments in its managed funds.
“Babcock & Brown currently holds one stock loan position with Tricom in a non
Babcock & Brown related stock, an approximate gross position of $50m and a
borrowing from Tricom of approximately $10m. In addition Tricom holds
convertible notes that Babcock & Brown owns in a listed entity, with a face
value of circa $10m, which are currently being redeemed by the issuer.