Firstly just some main reasons for my voting NO to a $4.60...

Firstly just some main reasons for my voting NO to a $4.60 merger are:

1) If anyone ever wondered who was in control of the ridiculous number of the 1's, 2's, 3's and so on buy & sell BOTS, which have been instrumental in executing a continuous push down on the price, well now I am making my educated guess as to who it was

2) Huge expansion plans underway for Dalrymple Bay (DBCT) and I'm also guessing here that Dudgeon Point project which is located approximately 4km north of DBCT may have been given an under the table nod and be in the bag

3) An Australian company with the Hon. Dr. David Hamill as the Independent Chairman of the Board of Directors, plus a bagful of quality assets would have encouraged those investors, and brokers looking for a long term Australian stock paying quarterly distributions

4) While I didn't partake in the recap at $5.08, 4.60 is around 10% discount to those that did, and based on what was portrayed by various parties that the 5.08 was in fact around a 20% discount to the underlying value at that time

Looks to me like another example of what happened earlier during the GFC, do any of us really expect a higher offer?

Well probably only if the overseas institutional investors vote no, or they get an indication from the largest ones that they intend to do just that

Regarding the AETD assets
There were 779 million BBI EPS (BEPPA)on issue and when they converted they then owned 16% of PIH, quite substantial

my post 19/11/09 #4705977
To all BBI EPS holders (URGENT ACTION REQUIRED)

Blues234 is right on the money here, this is a much better way to maximise the value returned to all BEPPA holders.

Hop on the phone TODAY to Investor Services 1800883072 and have your say while there is still time.

As Intelligent Investor states in their last BBI EPS update on 2/11/09 if AET&D sells for $1.1b this equates to an additional 0.19 per BEPPA, while if they sell the AET&D assets for $1.21b then this will return an additional 0.34 to BEPPA. This is on top of the current 0.43 value before conversion. Value then for BEPPA starts to look really rosy at 0.77 per security.

So I can definitely see the merit if we can get the renumeration package changed to Brookfield from a set fee with a very small % commission to no set fee and a larger commission structure.

Then their interests are the same as ours
= MAXIMISE BROOKFIELDS RETURN ON SALE ONLY BASIS ON AET&D
= MAXIMISE SALES VALUE OF AET&D
= MAXIMISE BEPPAS RETURN



Blues234 reply #4709413
EMC2 is right in that each $100 mill (net) from AETD sale provides BEPPA holders with ~ 13c in addition to the 43c.

A $100 mill variation however only impacts on BAM's take home pay by $1 mill ie 1% of $100 mill.

Suggest it would be in BAM's best interest to simply wrap a deal up quickly as there is no incentive for BAM to maximise sale value for EPS holders - who unfortunately are (again) taking all the risk with no control over process.

Re Mikes100 - There is no one looking after BEPPA holder interests - otherwise the AETD sale revision would not have been required - it was Bronte's initiative - well done Bronte.

The lack of any detail on governance and the process to maximise AETD return to EPS holders remains a concern as there is still no one looking after our interests.

Implementing the above will not cost anything!

And can be a win for both BAM and BEPPA.

C'mon BBI this is an opportunity to demonstrate you can do something positive for investors - important for your credibility considering the lost shareholder value.

Are you up to the challenge?