a friendly assoc (benefitting from the motorway construction) effectively paid up $millions to get nicks votes, and did not pay up for other holders votes.
no doubt a similar payment selectively could be arranged to large undecided (or against) beppa holder/holders if vote of 75% beppas not assured.
that vote buying of nick boltons votes was ticked by the authorities so must be ok legal? - so much for equal treatment of all holders.
also remember similar shonky selective benefits effectively paid (by lower interest rates on loans outstanding etc.) when great southern (gtp) effectively bought votes to get up the project transform which required 75% vote and get compulsory acquisition and "steal" the mis cattle investors cattle by paying them in gtp shares which were worthless in est 6 months.
- understand that the authorities are looking to throw the book at the great southern directors (& the great southern bankers have concerns) over this one though.
bbi directors in my view culpable in deliberately letting bbi drift towards insolvency ( and after all bbi equity was effectively blown up, in putting beppa debt funds at high risk of partial or zero repayment as and when due), and no doubt special briefings of selective mates ( who of course would never have punted in beppa) of the situation before public announcements made from time to time.
expect beppa 75% vote will get up, unless a better offer appears miraculously.
beppa only
BBI Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held
