A reminder of what Adele Ferguson wrote on Sept 30 in The Australian.
"This latest development begs a multitude of questions about director obligations and continuous disclosure, stemming back to August 26, when it posted a $1bn loss but failed to mention to investors that it faced significant short-term debt repayment issues.
It also raises questions about the move in BBI's share price in the past few weeks and, more particularly, the wild price movement in the hybrid equities, known as the BEPPAs. Since September 7, just after the company emerged from its first trading halt, the BEPPAs have almost tripled from 7c a security to close yesterday at 19.5c. The BEPPAs were up 14 per cent yesterday.
It is understood that BBI has been meeting with its banks and some of its hybrid securities holders in the past couple of weeks. This has created a situation where some stakeholders appear to be more in the loop than others about what is going on in the company.
While they may have been asked to sign confidentiality agreements, the movement in the BEPPA share price should have at least prompted a "please explain" from the Australian Securities Exchange."
Add to My Watchlist
What is My Watchlist?