this is the quickest way forward to put quick value into beppa , for quick redemption of beppa ( for bbi scrip of course, plus payment in cash of deferred interest) if can get asic to act.
why should asic not cancel the australian financial services licence for babcock & brown, or if not cancel, asic should certainly not renew it when it is due for the annual review.
Rescission of the Management Agreement �� On 18 August 2009 OCP served a notice under section 925A of the Corporations Act 2001 (“Corporations Act”) on Allco Equity Partners Management (“AEPM”), in its capacity of AEP Management Trust, rescinding the Management Agreement between the parties (“Rescission Notice”) �� OCP became entitled to serve the Rescission Notice as a result of the Australian Securities and Investments Commission having cancelled AEPM’s Australian financial services license on 20 July 2009 �� Sections 925A to 925I of the Corporations Act state that the effect on the service of the Rescission Notice includes: – the rescission of the Management Agreement; – AEPM is not entitled to enforce, or to rely upon, the Management Agreement against OCP; and – AEPM is not entitled to recover by any means any brokerage, commission or other fee for which the Company would have been liable to AEPM under on in connection with the Management Agreement �� The Company believes the rescission of the Management Agreement under the above provisions will result in the cessation of the escrow restrictions on the 10,185,185 initial ordinary shares held by Allco Finance Group Management of OCP’s assets �� OCP will now assume direct responsibility for management
beppa only
BBI Price at posting:
7.9¢ Sentiment: Hold Disclosure: Held
