Ann: Lend Lease Primelife Market Update , page-4

Got back into this today at 13. I think the 30 June accounts could be scary if they attempt to clean the slate, but happy to buy more on weakness.

Key advantage for LLP relative to other BNB work-outs is that Lend Lease are firmly in charge (rather than ex BNB staff) and focus is on running the business, not dealing with capital management issues.

BBP is a classic example of management focusing on capital management and not business management.