Well, I reckon the BBI detractors would be pleasantly surprised by the impairment amount.
Takes about 35c off the NAV per BBI by my calcs. Beppa still un-touched.
This should be as bad as it gets regarding impairment. Covenants are not tied to asset values AFIK, so bank situation should remain the same.
I think this may surprise the market to the up-side.
Ann: Anticipated Impairment Charge , page-2
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