delisting next week

Babcock and Brown Limited will cease to be listed on the Australian Securities Exchange next week.





Investment firm Babcock and Brown Limited (BBL) will terminate its listing on the Australian Securities Exchange (ASX) on 18 June 2009.

The joint administrators have concluded there is no likelihood that the holders of ordinary shares in BBL will receive any further distributions for their BBL shares, the administrators said in a statement to the ASX.

"The effect is that shareholders have no ongoing economic interest in BBL," they said.

Therefore, the continued listing of BBL shares "will not serve any useful purpose".

There would also be a substantial cost to maintaining a listing after 1 July 2009 and this would not be in the interest of BBL's creditors, the administrators said.

Trading in the shares of BBL has been suspended since 7 January this year.

The company, which was once worth $10 billion, collapsed under the weight of its debts and went into voluntary administration in March after shareholders did not support the restructuring of the company.