While parts of the transaction have to be approved by security holders at the AGM (rescheduled for 30 December!), Lend lease has effectively won control of BBC. With the deteriorating market Lend Lease has negotiated the price per unit down in part in return for offering a greater injection of cash, by $25 million. At first blush it seems like a pressure renegotiation but Lend Lease is still paying $0.60 per security (down from $0.68) compared to yesterdays rate of $0.17. On Monday Lend Lease in effect took over the management of BBC by part paying BBCs Godmother Babcock & Brown for the management rights. Lend lease immediately announced a new CEO and CFO. (See following story). Prime Trust has been effectively cut out of the deal; their offer to security holders closes tonight. They claim to have won 616 investors over, representing 1.44% of the bid class securities.
Government Policy
The three aged care bombshells from Senate Estimates
Last week’s Senate Estimates hearing – held just three weeks before sweeping reforms roll out – gave politicians the chance to ask Government heavyweights the questions they’re getting from constituents and to interrogate the once-in-a-generation changes.
