you are right about seeing Melua back on board, he has said he has committed a large amount to " a Sydney broker " to place in the "institutional offer" phase of the refinancing after all the BBI's, bonds and notes have been slaughtered. Probably from selling the Beppas he thought would never see the end of suspension.
With these CSI deals, the CSI puts in and then raises another fund book to get back most of what they put in. Brookfield don't have a lot of "pocket money" to splash and yet they have over 80 billion of assets under their management. That is mostly how they do it. A wiki of Brookfield Asset Management and a look at their corporate website plus a few looks at some previous "help-outs" will be very interesting for you.
I have no way of knowing if this episode will play out that way or if it is any different from previous plays. It does appear that the CSI wants maximum flexibility on asset sales though so there will be some selling off for sure if they come in.
Having a CSI around still does not preclude the option of another offer coming in, however slim a chance that is.
My concern is that BBI communication to holders in trying to get this through will be as woeful and gobble-di-gook double speak as it usually is which alienates holders to the hilt. There is a real chance that the remaining Sparcs holders will be mostly inflexible in their stance and vote BBI to the wall. Good communication and in sufficient time for a good plan to be absorbed, would go along way towards obtaining a positive result.
cheers
BBI Price at posting:
6.1¢ Sentiment: None Disclosure: Held
