I wonder what this will do to Leighton's share price.
"BrisConnections Management Company Limited as responsible entity of BrisConnections Holding Trust and BrisConnections Investment Trust (ASX: BCSCA) advised today that it has received a request from Australian Style Investments Pty Ltd to hold an extraordinary meeting of members to consider a resolution to wind up the Trusts. Australian Style Investments Pty Ltd is a substantial holder of BrisConnections units, with a 12.28% stake (47,923,166 stapled units) as at the date of this notice. It is understood that all but 280,000 of these units were acquired/settled via Westpac Securities Ltd on 24 November 2008 when the units were trading at $0.001 each. The additional 280,000 units were acquired off market last week. The sole director of the requisitioning party is Mr Nicholas Bolton of Melbourne, Victoria. The Board of BrisConnections is investigating if the requisition is valid and whether the meeting, if convened, would be for a proper purpose. If valid and proper and convened by BrisConnections, the Corporations Act would require the extraordinary meeting to be held in April. The resolution itself would need to be passed by at least 75% of the votes cast by unitholders entitled to vote on it. Regardless of any determination as to the validity of the requisition, unitholders should be aware that the Board of BrisConnections does not consider that it is in the best interests of the unitholders of the Trusts that the Trusts be wound up. The Board notes in particular that the passage of the resolution will not remove from unitholders their obligation to pay the outstanding amount on their units, including the second instalment due on 29 April 2009, even though BrisConnections would need to cease trading if the resolution was successful. The Board confirms that the receipt of the requisition (and as relevant) the convening of a meeting to consider the winding up will not in itself have adverse consequences in respect of the project documents under which the Airport Link tollroad project is being completed and accordingly, will not affect the project."
BCS Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
