Recent content by cpsharky

I wonder if this will fire possible DBCT buyers up? In the end the best result is to sell DBCT at a good price, and now it would appear BBI has at least something up its sleeve. All very interesting.

Rice, stop dreaming too hard about that $1.20 in 2012. You have to look at your investment from both sides. The reality is that the cornerstone investor will be after as much as he can get for his buck. I personally think that means Beppa will need to have its conversion rights lopped off. I...

"As a BEPPA holder I may not be able to vote" We do at the moment :).... (b) Holders will have the right to vote at a general meeting of the Company in the following circumstances: (1) during a period during which a dividend (or part of a dividend) in respect of the EPS is in arrears;

I agree entirely. The 11.8X EBITDA figure you quote looks like it is based on the 2008 FY EBITDA of 63m Euro, an implied value of 354m and debt of 393m. So, not only is it about 12x EBITDA, it is 12X the EBiTDA at its peak. Even with the attached conditions this looks like BBI has done a...

I agree peristentone. DBCT is a very large asset; and divided up could keep many buyers content so buyers conspiring is my greatest worry. Given the time this has taken and the apparent lack of insider buying, I am concerned about not achieving the price multiple we are after. If we can't...

The following are my calculations based on the investor pack. Asset level debt is 315m pounds, allocated corporate debt is 85m. Even 400m sale price would take out AUD of about 170m corporate debt. 450m would take out AUD 270m. 600m would take out AUD 570m. I would need to check how much the...

PD ports is an interesting one. To me it looks like PD ports has had real value added to it by BBI. They saw the strategic potential when they purchased it and have made real advances with the Tesco and MGT deals. Buyers will be factoring in all of this potential IMHO. Corus was a hit, and the...

Very over moderated. The mod on HC who looks after the BBI thread seems to take great pleasure in suspending BBI advocates. Heaps of posters got suspended early this year for trying to defend Melua's (Banska) unfair suspension. Hardyakka for example wrote "Hi" and got suspended permanently. For...

Those very same "professionals" were buying BBI at over $3 not so long ago even though it was abundantly clear on fundamentals that they were over-geared. The time to panic was at $3, not sub 50c. If your only argument is that the market is basically always right and therefore choose to close...

My understanding is that the broker has very little to do with the ownership of the stock. I can't see how a broker failure would affect you unless they were holding the stock on your behalf. But that isn't the case normally (and shouldn't be). Link Market Services on behalf of BBI will keep a...

Wise words. Patience and persistence is needed with BBI I believe. Smile. Blink. Smile. Blink. Smile. Blink... enough letters yet?

Hi Persistance, Correct that we use a scripless system here. The system is called CHESS which is run by the ASX. They keep a record of holders and allocate a HIN (holder identification number). They will issue a paper record of your transactions. Investigate the CHESS system on the ASX site...

Persistence, The fees have stopped now. Look at the announcement regarding corporate governance (late last year I think). BBI are looking at terminating the management agreement which I believe they can do at a shareholder meeting, so no need to buy out the agreement. No doubt about it...

"But if you only buy BEPPA and BBI does offer a dividend you will not be entitled to any of that dividend, you do realise that?" Random, don't forget that BBI distribution can not be resumed until BEPPA arrears have been paid. All future BEPPA distributions, as they are declared must also be...

I think as 2012 approaches, BBI management will be increasingly desperate to ensure that conversion doesn't happen. They will fire-sale assets if necessary to get the cash they need. The company has a responsibility to their shareholders to prevent dilution, so significant NAV destruction...