This AGM (30/12) is significant to the future of we small shareholders.
We need to get all of the resolutions up so as to bring LLC on board.
It's worth it...check the Independent Experts (Deloitts) report.
They consider fair value for BBC in the enlarged company at between 35 and 56 cents.
So to buy now is a great deal.
Plus, the new company to be renamed Lend Lease Primelife Limited, will have very manageable debt levels and a bigger portfolio of properties with the LLC inclusions.
The only negative is that LLC have changed the terms of the management agreement to (a) guarantee their fees and (b) to have had them increased as well. They've hit us up for an additional $3m a year!
Bit rude...but nowhere near as stiff as the outrageous fees taken by the manager at PTN.
I can see some upside when we lose the BNB connection.
BBC Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
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