The Lowy family (founding owners of Westfield) are said to own...

The Lowy family (founding owners of Westfield) are said to own 7% of BEPPA and QIC another sizeable chunk. I think if they aren't selling today they could block any special resolution. They are not in financial difficulties and will only do a deal if it is in their interests. I really think they can extract at least 18 cents value if they have a gun to their head otherwise in liquidation you may get more considering book value including BEPPA liability is in excess of $1 billion (notwithstanding the huge amount of time it would take). Lets not forget that no covenants have yet been breached by BBI and (increasing) cashflows are paying the bills. Also at 30 June they had $200 million cash at bank. No positives mentioned in today's announcement. I really think this is the big boys trying to scare out all the little holders cause if BEPPA didn't get a mention BBI would have crashed but BEPPA would have soared. I don't think it will be easy for them to railroad BEPPA holders unless the "interested" parties (ie. those close to the cornerstone investor) control more than 75% of the votes (cl 11.4 Amendments:
(c) ... If the Company reasonably considers the proposed change will adversely affect Holders’ rights, the amendment must not be made without approval by a Special Resolution of Holders...).

I fear today's announcement created a great environment which will prevail for some weeks where BEPPA can be accumulated in volumes and on the cheap.

Scary stuff.

My posts contain opinion and speculation only. Under no circumstances should you rely on them.