wind up article

SYDNEY (Dow Jones)--Tollroad developer BrisConnections Unit Trusts (BCSCA.AU) urged its
unitholders Tuesday to vote against a call by a significant stakeholder to wind up the
company's two trusts at a meeting to be held March 30.
BrisConnections said it was working with advisor Goldman Sachs JBWere on possible
alternative strategies following the "very disappointing" performance of the
trusts' units, and urged holders not to vote in favor of the move at the meeting
called by 13% holder Australian Style Investments Pty. Ltd.
BrisConnections, which has a contract to build a 6.7 kilometer tollroad between
Brisbane airport and the center of the city, has seen its stapled security price fall to
as low as 0.001 Australian cent from an issue price of A$1.00 in July 2008.
"While your board cannot at this time assure unitholders that any acceptable
proposal will arise and unitholders should assume at present that they will remain liable
for outstanding installments, the special resolution proposed by (Australian Style
Investments) would not in any way contribute towards a positive outcome for
unitholders," BrisConnections said.
Security holders were required to make an initial payment of A$1.00 and two further
installments of A$1.00 each.
The initial public offering was underwritten by Credit Suisse, Deutsche Bank, JPMorgan
and Macquarie Group.
BrisConnections has an underwriting agreement with Macquarie Capital Advisors and
Deutsche Bank AG's Sydney branch.
The resolution to wind up the trusts requires 75% of votes cast by unitholders to be in
favor of the resolution.