See below from Byrnes, I don’t know he is going to use once I go...

See below from Byrnes, I don’t know he is going to use once I go to bed, or the pub …


Hi

BTRL are buying and will have the capacity to meet the obligation if called upon.
Loan facilities are being put in place now with the US parent and others.

BTRL are interested in a restructure.
A capital reduction and new issue
A accelerated depreciation of the Capex.

BTRL see BSC as a tax product. BTRL don’t care about dividends. 30 June is on the way and BTRL want to be able to restructure and sell the units as a tax product to high income earners.
BTRL have got a current take up for 300m of a restructured trust and think that by getting a 4x1 tax depreciation i.e 4 bucks depreciation for every 1 dollar invested over 5 years is a no brainer.

BTRL would prefer the RE retain all surplus income and retire debt ( or buy back the toxic debt from the damaged lenders )
BTRL has been in discussion with the premiers department.

BTRL would consider any sensible suggestion. However none have been forthcoming to date
James W Byrnes & Associates