After ASIC went and got the verdict it wanted against the Hardie board of directors, I'm sort of wondering when they will go after the financial engineers who engineered BrisConnections. Here's the latest.
BrisConnections, meanwhile, disclosed Macquarie Group reaped $133.8 million in underwriting, listing, management and other fees. Deutsche made $44.7 million in fees.
The company reported a $24.4 million net profit, largely thanks to the interest it earned from cash held in the bank. BrisConnections stated it had spent $880 million on construction expenses and had $187 million on hand on June 30.
Reflecting the turmoil within the group, BrisConnections also disclosed it held 27 board meetings during the year.
Despite BrisConnections launching legal action against unitholders who defaulted on the second instalment, the group is not legally obliged to repay the underwriters.
Under a clause in the underwriting agreement, BrisConnections is obliged to transfer only units forfeited by 135 unitholders who did not pay the second instalment to the underwriters.
Does this strike you as odd? It seems that they foresaw there would be defaulters, and the defaulters would be pursued for their money, BUT the underwriters won't be held to the same price tag. Somewhere along the path, they didn't expect Nick Bolton but they did expect people would scream. Go figure that one out.
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