BBI may sell assets after review

The review was spurred by the recent activity in equity markets, according to a statement from chief executive Jeff Kendrew. BBI will consider the most appropriate forms of providing capital, gearing levels and distributions to investors, he said.

The stapled securities of BBI rose 1.1% to A88.5 cents on the ASX and have dropped from more than A$1.20 in the past three months.

BBI will probably provide an update on the review when it releases its annual results in late August. Kendrew said BBI has a strong balance sheet and its "earnings and growth outlook for 2009 and beyond remains positive."

The company today said its estimated distribution for the six months ending June 30 is 7.5 cents per stapled security, in line with BBI's forecast 15 cents for the full-year. The payment will be confirmed in August.

Separately today, BBI said it has appointed David Hamill as acting chairman as it seeks a permanent replacement for Phil Green, who has stepped down.

This week, BBI said it is seeking an independent chairman. Hamill is the company's lead independent director and has served on the board since its inception as Prime Infrastructure in 2002.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.