"BBI announced three pieces of news today: it intends to internalise management,
management has reducing confidence in the feasibility of issuing Equivalent
Securities with respect to the EPS, and it released its FY09 result.
We did not find any major valuation drivers in the announcements, particularly not
worthy of the 90% share price increase seen today.
We have upgraded our target price from 15 cps to 17 cps. Our HOLD rating is
unchanged. BBI faces continuing challenges regarding fund level debt repayment
and the potential dilution of its security holders from EPS and SPARCS conversion."
wilson htm view
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