Ann: Euroports - Co-investors take 29.7% interest, page-19

re: Ann: Euroports - Co-investors take 29.7% ... Gday All,


Just got off the phone with Helen Liossis, Investor relations Manager.

I phoned up earlier in the morning Got their answering machine. I only wanted to give xmas wishes, as I thought that they have been give such a thrashing by investors, and they would appreciate a "nice" call. I thanked all at BBI for their hard work the past few months. I did not leave a number and did not expect a call back.

She phoned me back within 15 mins to say thanks (she does not receive many calls like that), and we had a 30 min conversation about various BBI issues.

Here are a few tidbits.

1/ At the purchase of Euroports , EV was at 971mil. Todays sale represents a 9% increase in the value 1.015 bil

2/ Beppa interest that is compunded also attracts interest payable whilst the divs are witheld (compounded).

3/ The 2 aquirers of Euroports would have taken up to 50%, but BBI unlisted and Paribas have rules about how much % they can invest in (in relation to the number of investors they have on their books). Had it not been for that, they would have taken the entire 50%. They seem to unofficially be saying that it will go to 50% once a little bit of liquidity returns to the market.

4/ 1/2 year results published 25th FEB will give some idea of when divs should be re-instated. (AGL report that day also) No committment of course.

5/ MT of coal out of Dalrymple is above forecast.

6/ They have tossed around the idea of purchasing some of the Beppa's on market to reduce some of the corporate debt, but are more focused on meeting the short term coporate debt obligation due between now and FEB. Also acknowledged that it might piss off short term BBI / BEPPA holders to spend money on doing this whilst suspending divs.

8/ There is NO CHANCE of Beppa's being triggered into shares.

9/ The NZ govt approval of the Powerco sale should come through some time in the NY. There was a recent sale of a similar infrastructure project where the seller was a NZ Comapny and the buyer was an Australian company. The NZ equiv of a Foreign investment review board approved the transaction. The powerco sale is an OZ company to an OZ company, so has even less chance of not being approved.

They are all extremely upbeat, and are looking forward to reinstating the SP to believable levels, and re-instating divs.