Wow, he was accepting transfers on behalf of Brisbane Toll Road Link PTY Ltd, now look who Mac Bank bought the 31 million shares through today.....This is just getting too much!!!!!
It remains to be seen whether Macquarie’s latest attempt to salvage the situation will work. The Silver Doughnut has bought just over 8 per cent of BrisConnections via holding company Brisbane Toll Road Link Pty Ltd and, along with Macquarie Capital, is initiating legal action to ensure that "relevant parties" (ie. Bolton) fulfil their contractual obligations. Giving BrisConnections a further $92.5 million in bridge financing underscores Macquarie’s seriousness, but BrisConnections’ own court proceedings against Bolton are yet to yield results and the court may not look kindly upon companies that turn the concept of fiduciary duty on its head by suing their own unit holders.
BCS Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held