Spot on. The stench is so great one could simply infer what went on. Moreover, it is almost impossible for BBI to show that they weren't in talks with the CI prior to FY09 results given the timing of the announcement. So then why did they say that bids on DBCT are a matter of when and not if. Now we know there are no reasonable bids. Also, a liability of $170m by October is perhaps not a problem because the accounts also show about $200m cash at bank as at 30 June. It is that amount which may be the difference between survival for long enough to sell an asset or raise capital on more favourable terms and liquidation or a persistentone outcome for current holders.
In addition to the provisions I have outlined above, I would think that they have also breached continuous disclosure rules.
I suspect it is so bad that most of the outrageous things people say on HC would pass as truth and hence not be considered defamatory of management...
My posts contain opinion and speculation only. Under no circumstances should you rely upon them.
BBI Price at posting:
4.5¢ Sentiment: None Disclosure: Not Held
