B&B shores up position
Infrastructure group Babcock and Brown has moved to bolster its position in the face of a number of unsolicited offers by undertaking a capital management review and looking for co-investors in its core assets.
At the same time, the company told the Australian Securities Exchange today that it had started a formal price discovery process aimed at identifying partners to co-invest in up to 50 per cent of its assets — WestNet Rail and Power Co.
It said it would be applying the proceeds of any completed transaction towards reducing corporate gearing and towards providing capacity for the company to fund future investment opportunities.
The company said it had been continuing to evaluate a range of options to unlock value in its existing investments and considering initiatives to assist in closing the gap between the underlying value of the business and the current market price.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
