REsults look good, digging around I find the following and look...

REsults look good, digging around I find the following and look for some comments

Net operating cashflow per security up from 14.8 to 23.1
guidance Outlook post Spain sale set to fall 7.4% in 09 to 21.4

Corporate Costs & Management fees been doubling each year
(14.2)
(24.7)
(42.3)
So I expect them next year to be 84M ish,,,,,,,IMO BBW needs to use some of its availaible credit to payout BNB like BBC otherwize in future years this is going to depress earnings,,,,,IMO now is the time to make the offer as BNB is cash strapped....

Secondary Listing Option,,,,,,,,this could be a pro or a con depending on what capital is going to be used for,,,,not enough detail for me just a one liner...any thoughts.....

Also stated in the accounts, if they have to sell any more assets earnings are going to decrease,,,,,,thats not good......given their banking covernants

Do they need to sell more assets?...., when I look at their banking covernants which they say are confortable I am not so sure,,,plus they say the sale is subject to completion which makes me nervous... the rosy side of the accounts is all based on post sale

Maybe someone understands these better than I do

Convernant Ratio's on facilities

DSCR 1.45 , post Spain 1.43 (that looks close to me not comfortable

NET Debt/ebitda 9.01 post spain 4.8