Both Dargie and Melua are spot on here with changes to the old management style of BBI desperately needed, and rest assured with Prime now being controlled by Brookfield it will happen. BAM are very well known to be one of the most savvy property groups in the world, and have $100 Billion of property and infrastructure assets under their own management.
BAM have so far invested $700 million into Prime for a 39.9% share and they also had support from their contacts with overseas Institutions to the tune of $612 million for a further 35% share of the new company.
Also BAMs CEO, Bruce Flatt also doesn't get the title as 'Canada's Warren Buffett' from just thin air, this has to be a much better team to have on your side going forward.
So, think about what they would have indicated to these overseas Institutions regarding the quality of their investment (that they needed by the way to pull off this deal)in PIH as a long term dividend stock.
BBI Price at posting:
$4.00 Sentiment: None Disclosure: Held
