Prime Trust Opens Offer for BBC Securities 569 Acceptances
Prime Trust is staging a final push to win Babcock & Brown Communities security holders to accept their offer of one Prime Trust security for one BBC security. They mailed out a letter on 19 November highlighting that Prime Trusts value was $0.23...
Prime Trust is staging a final push to win Babcock & Brown Communities security holders to accept their offer of one Prime Trust security for one BBC security. They mailed out a letter on 19 November highlighting that Prime Trusts value was $0.23 (on the 18th) compared to $0.155 for BBC a 48% premium. But yesterday (the 20th) Prime was down to $0.185, but then BBC was also down to $0.12. The premium had shrunk to 29%. Primes offer closes next Friday and to date the 569 investors who have accepted the Prime offer total less than 1% of BBCs stock. It would appear that Lend Lease will win control of BBC.
