Given the fact that BNB directors have approved a derisory offer to the BNB holders based solely on director "fiat" and without reference to an independent valuation report - I think there would be grounds to complain to ASIC.
Further, given that the Trustee has requested the report, I would think this would be grounds to write the Trustee to insist that they intervene to stop the meeting.
The meeting needs to be an informed meeting.
A clear message needs to be sent to the BNB directors that their days of rule by fiat are over.
I would welcome the opportunity to put the ActionBBSN case to the independent valuer to point out the various impairments likely if BBSN holders are forced to arrange total administration/liquidation.
BNB
babcock & brown limited
