no deal

SYDNEY (Dow Jones)--Australian tollroad developer BrisConnections (BCS.AU) said
Wednesday its joint underwriters have not agreed to waive their rights to recover the
upcoming A$1.00 installment from retail investors in the partly paid securities.
In a statement, BrisConnections said trading in its securities will resume and while
Macquarie Capital Advisers will use "all reasonable endeavours" to reach
agreement with Deutsche Bank AG, "investors should not assume any proposal will be
forthcoming."
On Tuesday, BrisConnections said its underwriters were discussing a proposal that would
"not require retail BCS unitholders...to be pursued" for the A$1.00 installment
due April 29, provided that resolutions to wind up the firm are not passed at a
unitholder meeting in Brisbane on April 14.
BrisConnections said its underwriting agreement means the firm can't release
unitholders from their liabilities, which would see them forfeit their units in the trust
if the A$1.00 call is not paid by April 29, without the agreement of both Macquarie and
Deutsche Bank.