16 March 2009
Dear Shareholder,
As you may now be aware and as was foreshadowed in our ASX
announcement on 6 February 2009, Babcock & Brown Limited has been placed
into voluntary administration following a vote against the resolutions put before
subordinated note holders on Friday 13 March 2009. Further details are set out
in our ASX announcement of 13 March 2009 enclosed.
The Board and Management of Babcock & Brown deeply regret the loss of
shareholder value and acknowledge the financial hardship this has caused
investors. We are aware that this loss has also been shared by many Babcock
& Brown employees, who are also collectively significant shareholders and who
now also face an uncertain period of employment.
Trading in shares in Babcock & Brown (ASX: BNB) and the Australian
subordinated notes (ASX: BNBG) is already suspended. It is likely that trading
in the New Zealand listed notes will also be suspended and that all these
securities will be removed from the relevant Exchanges.
We understand this has been a very difficult period of uncertainty for investors
in the Company¡¯s ordinary shares and that many shareholders would now like
to be able to crystallise any tax loss that may be available to them.
Australian resident individual shareholders who hold their shares on capital
account (other than certain shares acquired through an employee share
scheme), will generally be able to claim a capital loss equal to the reduced cost
base of their shares in respect of their shareholding once the administrator or a
liquidator declares in writing that there is no likelihood that shareholders will
receive any further distribution for their shares. The timing of this will be
dictated by the administration and liquidation process.
As the Australian taxation implications for shareholders will depend on their own
situation, we encourage all shareholders to seek their own advice in relation to
their particular circumstances.
Once again I regret the loss in the value of your investment in Babcock &
Brown.
If you have any questions in relation to the above, please feel free to contact
the Babcock & Brown Shareholder Information Line on 1800 818 562
(TOLLFREE within Australia), or +61 2 8280 7452 outside Australia. Further
information can be found on our website at www.babcockbrown.com.
Yours sincerely
Elizabeth Nosworthy
Chairman
Babcock & Brown International Pty Ltd
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16 March 2009Dear Shareholder,As you may now be aware and as was...
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