BBP will not do a buy back at this stage. they are still focussed on selling assets to reduce debts levels, and need to obtain investment grade rating for the $2.7 b loan facility by mid next year ( in the event they do not achieve this the lenders will sweep earnings, i.e. will not be able to pay distributions as all cashflow will go to reducing the debt facility). They also need to repay / refinance the BNB $400m loan by October 2009. So expect more assets sales between now and then.
this time next year, if not taken over and with debt under control, they may decide to do as BBW and look to buy back shares if share price still ow.
BBP Price at posting:
8.9¢ Sentiment: ST Buy Disclosure: Held
