AIRPORT Link toll road builder BrisConnections has begun to draw on its banking facilities and says it is beginning to ramp up the $4.8 billion project, which now employs 1000 people.
But BrisConnections is also keen to leave investors who hold its units in no doubt about their liability to pay next April's $1 instalment, with chairman Trevor Rowe's latest letter to unitholders providing a detailed "second instalment fact sheet".
BrisConnections units, on which an initial $1 instalment was paid in July, ahead of its float, have notoriously slumped to 0.1¢ each.¢
Mr Rowe points out that BrisConnections' funding won't be affected by any defaults on the instalment, as "BrisConnections has the benefit of an underwriting agreement with Macquarie Capital Advisers and Deutsche Bank for the second and final instalments."
But he goes on: "You should be aware that the fact that instalments have been underwritten will not affect your personal liability to pay instalments.
"BrisConnections will take a vigorous approach to collecting any such outstanding payments."
AIRPORT Link toll road builder BrisConnections has begun to draw...
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