Forum Archive Index - August 2002

["winner69 ." <wwinner69@hotmail.com>]

Totally agree Jim.

Suppose it is the youngsters out there who have seen the BIL shareprice 
double since last Sept thinking this is a real turnaround story.

Doesn't explain why Snoopy is holding BIL at the moment though.

Wonder if they all realise that Camerlin paid the equivalent of $2.80 odd  a 
share for their interest in BIL. As Jin says they will get this back one way 
or the other, at the expense of small shareholders.

Yor are right Snoopy in that debt will be an ongoing problem for BIL.

They seem to have managed to get through July when more than US$600 million 
in debt repaymants were due. Been refinanced and it appears as if overall 
debt has been reduced but a lot still remains outstanding.

Suppose the next big hurdles are when a large number of capital notes are 
due for repayment over the next couple of years. Obviously some concerns out 
there when you can get BIL 9.25% notes on the market at 15-20% yield.

The regular selling of small parcels of Fraser & Neave shares is a worry. Is 
it that daily cash requirements need to met this way?

Recent NZ activity in BIL shares appears to be around overseas interests 
mopping up NZ domiciled shares and transferring them to Singapore. Maybe 
there is also some truth in rumours that getting  a large stake in BIL will 
get you closer to extracting value (if any) out of Thistle. Yeah?

Shame that so many old BIL shareholders are still holding waiting for the 
glory days..........












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