Prime Trust Opens Offer for BBC Securities – 569 Acceptances

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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 Trust’s 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%. Prime’s offer closes next Friday and to date the 569 investors who have accepted the Prime offer total less than 1% of BBC’s stock. It would appear that Lend Lease will win control of BBC.