“The Board and Management of BNB deeply regret the loss of subordinated noteholder value and acknowledge the
financial hardship this has caused investors”
They have manage to lose 600 millions of our money, and all we get is a little line of acknowledgement.
“The Board and Management accept that the restructure proposal delivers little or no value to noteholders but believe
that the restructure represents a better outcome for noteholders than administration. In particular, if approved, the
restructure provides the opportunity, however remote, to participate in a recovery if market conditions improve,
while the Offer will allow certain noteholders to crystallise a tax loss in a more effective and efficient manner than if
they have to wait on the outcome of an administration or liquidation of BNB”
Clearly, these directors don’t act for the best interest of their constituents. All, they do is look after themselves & their pay cheque.
“If the restructure is not approved, then regrettably and in the absence of further developments not currently
contemplated, the directors of BNB will have no choice but to place the company into administration. In this situation
BBIPL will continue to operate and continue with the program of asset sales”
To me, the line above seems like a threat. How arrogant are these people
BNB
babcock & brown limited
