bbi: proposal to internalise management of bbi, page-20

G'day Pete,

Been watching the thread, but there was not much to say in the last couple of weeks. Was waitng till the December accounts or an announcement.

This announcement, for me, shows that management is on the right track. Remember, it seems years ago, when we talked about managing the Beppa conversion on change of control (management covered that), talked on asset sales (gradual progress is being made) and simplifying the structure. Looks like management is heading that way by trying to internalise.

I have been impressed with managements actions to date. Naturally, we need to see the half yearlys to see what is happening financially. However the qualitative measures I looked at provide me with confidence.

Still a way to go, however things seem to be progressing. One or two significant asset sales/partnering at book or above and she will be alright I reckon.

It may be in BNB's interest to release the management rights at a reduced price, given the stock they hold. I imagine the internalisation of management will be beneficial to the share price.

Anyway we need PowerCo to settle, manage the short term debt repayments on PD Ports and Corporate debt facilities, manage half Sparcs potential conversion in May and WestNet Rail purchase. Given management is talking to BNB indicates financials are okay, but still bridges to cross;however, it looks more promising each announcement.

Cheers