Ann: Half Yearly Report and Accounts , page-14

BBP recent actions also point to a change in their strategy.

They are now hoping that banks see the best option is to wait until the economy, asset prices and operational performance improves.

As per my previous email. If they call in the administrators now they will be facing an almost certain haircut on their outstanding debt. The delaying in BNB's debt etc is the first step.

Banks have been prepared to do this for some of the property trusts etc. But it may not happen and the wait for a good outcome for equityholders becomes a long one indeed.