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Babcock and Brown Communities attacks Prime Trust after its failed application to the takeovers panel.

Nov 05 2008 Updated July 4, 2023

The Weekly Source

1 min read

The board of BBC have mailed all its security holders (in effect shareholders) a highly critical letter of Prime Trust, after Prime Trust's application to the Takeovers Panel to stop the BBC/Lend Lease merger taking place. BBC points out that the value of Prime Trust itself has declined dramatically in the market and the BBC board has considerable concerns regarding Prime Trusts financial outlook and the financial performance of Prime Trust. They point out that Prime Trust has a declining cash-flow while they have increased their gearing significantly. They state this puts Prime Trust in a precarious position given its declining cash-flow position.

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