Babcock & Brown Infrastructure Group
(ASX:BBI) shareholders are to vote on a $1.8 billion recapitalisation proposal announced by the company to address its urgent financial position.
The company says its recapitalisation proposal has been developed in conjunction with global infrastructure owner Brookfield, who will emerge as a strongly aligned cornerstone investor.
Babcock & Brown Infrastructure Group will be renamed Prime Infrastructure and management will be internalised.
Brookfield is to invest approximately $713 million in return for new shares and $295 million for certain assets, the infrastructure owner will acquire a 49.9 per cent interest in the Dalrymple Bay Coal Terminal, and 100 per cent of Babcock & Brown Infrastructure’s interests in U.K. PD Ports, for nominal proceeds.
Brookfield will also acquire $625 million worth of new shares with institutional investors acquiring a further $625 million of shares and $250 million to be taken up by existing retail investors.
The debt laden company has $8.864 billion in debt owing with $3 billion maturing in fiscal 2010 and fiscal 2011.
Babcock & Brown Infrastructure Group posted a loss in 2008 of NZ$37.7 million.
Centro Retail Group (ASX:CER) says it has repaid in full the Galileo America LLC loan facility related to the Centro Shopping America Trust portfolio.
Centro says previously restricted cash can now flow from the Centro Shopping America Trust to Centro Retail Group.
The company says it repaid the loan using a combination of proceeds from asset sales and existing cash reserves within Centro Shopping America Trust.
Since July 1 2009 Centro has sold seven assets in the U.S. totaling US$97.8 million, with the company’s share being US$93.4 million.
As announced in May 2009, the company says the pay down of this facility to below $50 million enables distributions to flow from the Shopping America Trust to Centro.
Centro says the full repayment of this loan removes the remaining restrictions that existed under this facility including the ability for net proceeds from any future asset sales within Centro Shopping America Trust to flow from the trust to Centro Retail Group.
Centro Retail Group fell into the red in 2008 after posting profits the two years previous.
Lend Lease Corporation Ltd (ASX:LLC) has appointed Brad Soller as chief financial officer.
The appointment follows a global search which began earlier this year and included the assessment of a number of external and internal candidates.
Mr Soller has been filling the position of interim CFO since December 2008 and will assume responsibility for the role with immediate effect.
Prior to this appointment Mr Soller has filled the roles of deputy group CFO, global CFO of Real Estate Solutions with Lend Lease.
Mr Soller has also held several senior finance positions in the U.K. including finance director at BAA McArthur Glen and Thorn Plc.
Lend lease posted a loss in 2009 after four years of profits.
Iron ore producer Polaris Metals NL (ASX:POL) says neither of the takeover offers proposed by Lion-Asia Resources and Mineral Resources is clearly superior to the other.
Lion-Asia Resources just this week announced a takeover offer to rival Mineral Resources that valued Polaris at $105.5 million.
Lion-Asia is offering 60 cents per Polaris share, with Mineral Resources offering one of its shares for every 12.5 Polaris share.
Polaris says its board has sought clarification on a number of issues from Lion-Asia in relation to its offer, with several of those issues remaining outstanding.
Mineral Resources offer is scheduled to close on October 26, unless extended.
Polaris says it will keep shareholders informed of any developments as they occur and says shareholders should monitor activity in the company’s shares on the ASX.
Polaris has posted net losses over the last five years.
