breaking out the passion pop, page-43

bongo...sorry, FY06 forecast??? what the hey??? 1.6 times....they have revised their earnings down twice this year already, underlying earnings are down, repeat down

BBP need an investment grade rating on their debt...they don't have one at present, and are therefore at the mercy of the banks

agree that the alinta contracts, flinders operating contracts sale and bhp deal is good

the bad is that during one of the hottest summers ever they had plants down, not operating to full capacity excuse after excuse...not bloody good enough

so approaches have been made for the business....this was done in dec last year...what were they??? we are now 6 months down the track

BBP management have crap track record...i would hope that they are looking after their shareholders interests instead of their own...if the banks do a debt for equity swap, they get to keep the assets (the banks), the management get to keep their jobs and holders get squat

I really wanted to beleive that this can work....the assets are great, but the debt is crippling...management need to break the business apart and sell to the highest bidder and put it out of its misery asap before the banks get the lot....