The defaulted BrisConnections securities are going to be packaged up and sold again.
Nearly 280 million Brisconnections securities - more than 70 per cent of the group's issued capital - will be auctioned next month after they were defaulted following a second instalment date.
BrisConnections offered stapled units at $3 each when it floated last year, with $1 payable upfront and two further $1 payments due nine months and 18 months after the allotment date.
The second instalment was due on April 29.
Under the trust's constitution, all securities in which the second instalment remains unpaid are to be defaulted.
"These defaulted securities will be offered for sale at a public auction," Brisconnections said in a statement today.
It is estimated approximately 278 million securities will be offered for sale, just over 70 per cent of the total 390 million securities issued.
The securities will be offered at a reserve price of $1 each, in lots of 500 units or more.
The auction will be held in Brisbane on June 5.
So, let me get this straight... These people originally sold something encumbered with a $3.00' liability for 1 dollar, and it plunged through the floor. Once defaulted, they're going to recycle the defaulted ones and exempt the $1.00 due this year, but try to get the last of the $1.00?
So they're Auctioning something that actually will have a net value of $0.00 with a starting price of $1.00? Why isn't ASIC investigating these guys?
No comments:
Post a Comment