Another one missed is possibility of a buyback at a discount to face value. At $33 the effective interest rate is 3x(BBSW + 1.9%) - which is currently about 15% rising to 23% in April 2010. If BAM can borrow money significantly cheaper that this then a buyback makes sense to them.
MXG
multiplex group
Another one missed is possibility of a buyback at a discount to...
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