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reports that the resignation of four directors (B&B's chairman Elizabeth Nosworthy, deputy chairman Pat Handley, independent director Ian Martin and chief executive Michael Larkin) are being investigated for a breach of the Corporations Act after resigning en masse from its board within weeks of the company going into administration
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05/10/2009
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creditors of Babcock & Brown agree to place the failed asset management group into liquidation - reports indicate the Liquidators, Deloittes, intend to probe - the potential conflict of interests between the boards of B&B and Babcock & Brown International Pty Ltd, which houses the group’s remaining assets that are locked down on behest of the group’s banks seeking their money back - the possibility of inadequate disclosures to investors in its offer documents - a review of its risk management activities and the operation of its business model that was primarily reliant on debt funding - an investigation into whether it may have traded while insolvent before it failed
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24/08/2009
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delisted at the request of the company
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18/06/2009
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Babcock & Brown Limited (the "Company") will be removed from the official list of ASX
Limited from the close of trading on Thursday, 18 June 2009, at the request of the
Company, under listing rule 17.11
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18/06/2009
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the company's listing on ASX is to be terminated as it is costly and serves no useful purpose now that shareholders have been advised that they no longer have an economic interest (see item immediately below)
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12/06/2009
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the administrators have made a declaration that there will be no distribution to shareholders and you can choose to make the capital loss in your tax return this year
Click here to view Declaration (you first need to get Adobe Reader – click on ICON at bottom of screen)
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12/06/2009
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the GPT Group (GPT) today confirmed that, as announced by GPT in February 2009, the asset
management and reporting function for the JV will be transitioned from Babcock & Brown to GPT by
30 June 2009. The terms for this transition have now been agreed. This transition does not impact the
accounting treatment of the JV GPT will not be required to consolidate the JV
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13/05/2009
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the Administrators confirm that interest rate payments to BBSN and BBSN2 noteholders were suspended with
effect from their appointment on 13 March 2009 - accordingly no interest will be paid to BBSN
noteholders on 15 May 2009
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12/05/2009
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the administrators are seeking legal advice regarding the resignations from the BNB board
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01/05/2009
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the Noteholders Trustee reports that it has lodged a proof of debt (on behalf of all $A and $NZ noteholders) with the administrators
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24/04/2009
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the administrators provide an update for noteholders and creditors
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09/04/2009
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administrators advise they are relying on an ASIC class order allowing deferral of financial reporting (y/e 31/12/2008) until 13 September 2009
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25/03/2009
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Babcock & Brown Capital Limited (ASX: BCM) today announces that it has
negotiated a revised agreement with Babcock & Brown in relation to the
termination of the existing Management Agreement
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23/03/2009
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the Board and Management regret the loss of
shareholder value and acknowledge the financial hardship this has caused
investors - they also state that Australian resident individual shareholders who hold their shares on capital
account (other than certain shares acquired through an employee share
scheme), will generally be able to claim a capital loss equal to the reduced cost
base of their shares in respect of their shareholding once the administrator or a
liquidator declares in writing that there is no likelihood that shareholders will
receive any further distribution for their shares - but they fail to draw attention to the possibility of being able to crystallise a loss immediately by transfer to a trust (deListed has processed thousands of such transactions via its "Sell Your Worthless Shares" facility since a Taxation Determination by the ATO in 2004
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20/03/2009
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David Lombe and Simon Cathro of Deloittes are appointed as voluntary administrators - this never augurs well for shareholders - it will be a month or so before the extent of the damage is known
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13/03/2009
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at a meeting today of New Zealand bondholders, they rejected the rescue plan, which would have paid them just one tenth of a cent in every dollar, in a move that forced the company to appoint administrators, who are obliged to run the firm on behalf of the bondholders - shareholders now stand to lose everything
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13/03/2009
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Babcock & Brown Limited (BBL) has agreed to make each
of the following documents available for inspection by noteholders at the
locations set out below:
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A copy of the Parent Subordination Deed between BBL and Babcock &
Brown International Pty Ltd (BBIPL).
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A copy of the BBSN and BBSN2 Subordinated Loan Agreements
between BBL and BBIPL.
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A copy of the BBSN and BBSN2 Subordination Deeds between BBIPL,
the note trustee and BBIPL's security trustee.
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An extract from the Syndicated Facility Agreement between BBIPL and
its senior lenders.
The documents can be inspected at the following locations:
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BBL's offices at Level 23, The Chifley Tower, 2 Chifley Square, Sydney
NSW Australia between 9am and 5pm on Wednesday 11 March and
Thursday 12 March 2009.
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Bell Gully, Vero Centre, 48 Shortland Street, Auckland New Zealand
between noon and 5pm on Wednesday 11 March and 9am to 5pm on
Thursday 12 March 2009.
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11/03/2009
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the company is offering subordinated noteholders one-tenth of a cent for each dollar they invested to keep the listed company out of administration
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02/03/2009
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company updates noteholders on the steps which Trust Company Fiduciary Services
Limited as trustee for Holders (Trustee) has taken in connection with the Noteholder Meetings (meetings of Holders to be held on 13 March 2009) and
to draw attention to certain relevant provisions of the Trust Deed
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27/02/2009
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Babcock & Brown Power (ASX:BBP) today announces that the terms of
$381 million of debt owed to Babcock & Brown (ASX:BNB) have been
renegotiated
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26/02/2009
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Babcock & Brown Wind Partners (ASX: BBW) has today submitted an offer to Babcock
& Brown (ASX: BNB) to acquire its Australian and New Zealand wind energy project
development assets, its US wind asset management business, and its minority
interests in three of BBW's existing wind farms. The offer involves a total cash
consideration not exceeding $30 million
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24/02/2009
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an explanatory memorandum has been prepared for the information of Noteholders in connection with the business
to be conducted at the meeting to be held on friday, 13 march 2009 at macquarie graduate school of management,
level 6, 5157 pitt street, sydney, commencing at 4.30pm
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19/02/2009
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the company gives notice that a Trigger
Event has occurred in relation to the subordinated notes - the Trigger Event occurred because BNB's
Ordinary Shares were suspended from trading for a period of 20 consecutive Business
Days - as a result of the Trigger Event, note holders may request Exchange or Repayment of all (but not
a smaller number) of their Notes by providing an Exit Notice - For further information please contact:
Kelly Hibbins
Babcock & Brown
+61 2 9229 1800
kelly.hibbins@babcockbrown.com
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13/02/2009
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company advises that a Delisting Event (triggering
requirements which ultimately lead to Babcock & Brown subordinated note
holders becoming entitled to request repayment) has occurred following the
suspension from trade of the Babcock & Brown Limited ordinary shares for a
period of 20 consecutive business days
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11/02/2009
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BNB today advises that it has reached agreement
with its banking syndicate on a restructure of its corporate debt facilities and a
revised business plan which will facilitate the reduction of those facilities - the key points of the agreement and revised business plan are 1) A management-controlled program, led by CEO Michael Larkin and the
current senior management team, to sell down assets in an orderly fashion
over a 2-3 year time horizon to reduce debt and 2) a restructure of Babcock & Brown's existing corporate debt facilities, with all
interest payments and approximately A$2.12 billion of principal repayments
to be on a "Pay If You Can" basis - the Babcock & Brown Board
believes that there will be no value for equity holders and no or negligible value
for holders of the Company's subordinated notes after it has implemented the
revised business plan
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06/02/2009
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company advises that its discussions with its
banking syndicate regarding a revised business plan and balance sheet
restructure of Babcock & Brown International Pty Ltd are continuing - the Board acknowledges that in the
current market environment and based on continuing discussions with the
banking syndicate there will be no value for equity holders under the revised
business plan and balance sheet restructure of Babcock & Brown International
Pty Ltd and negligible or no value for holders of the Company's subordinated
notes
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23/01/2009
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securities suspended from quotation - the reason for the suspension is that the Company has not yet received a final
response from its lenders with respect to the proposal submitted to them and referred
to in its request for a trading halt dated 7 January - the Company is continuing
discussions with its lenders - it is expected that the suspension will end when the Company is in a position to make
a further announcement in relation to those discussions and with information regarding
the final response, which is expected to be during the week of January 26
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12/01/2009
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securities reinstated to quotation following agreement with the banks
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04/12/2008
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requests an extension of its voluntary suspension until 3 December
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01/12/2008
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Lend Lease Corporation ("Lend Lease") confirms it has completed the acquisition and novation of the management
rights for Babcock & Brown Communities Group ("BBC") from Babcock & Brown Limited ("BNB") for A$5 million, as
also announced by BBC earlier today a - a further A$12.5 million will be payable to BNB if BBC securityholders
approve the Lend Lease proposal at BBC's Extraordinary General Meeting (EGM) in late December 2008
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27/11/2008
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Babcock & Brown Wind Partners (ASX: BBW) is seeking to negotiate further changes
to its relationship with Babcock & Brown (ASX: BNB) to maximise value to BBW
securityholders - as part of this process, the Independent Directors of BBW submitted a
proposal ("the Proposal") to BNB on 24 November 2008 to terminate the Management
Agreements, internalise BBW management and acquire certain assets from BNB - the Proposal involves a total cash consideration to BNB which BBW believes
represents fair value - in response to the Proposal, BNB has expressed a willingness to enter into discussions
with BBW on the Proposal
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26/11/2008
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securities suspended from quotation pursuant to Listing Rule 17.2 - the reason for the suspension is that Babcock & Brown is still seeking to resolve the
dispute with a bank, which holds a deposit of a material amount, relating to the release
of that deposit - the company is continuing discussions with its banking
syndicate in relation to a restructure of its corporate banking arrangements - it is expected that the suspension will end when BNB is in a position to make a further
announcement in relation to those discussions and negotiations, which is expected to
be early during the week of December 1
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24/11/2008
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