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.
The Weekly SOURCE
18,650 social and affordable homes funded as 370 homes set for repurpose
The Australian Government’s flagship Housing Australia Future Fund (HAFF) has agreed to fund 9,284 social and 9,366 affordable homes through 279 successful projects under the first two funding rounds of the HAFF and National Housing Accord Facility...