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 DIVIDEND |
1 Jul 2008 | 3 Jul 2008 | 5 Sep 2008 | SGD 0.052 | |
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| DIVIDEND |
31 Dec 2007 | 3 Jan 2008 | 14 Mar 2008 | SGD 0.06 | |
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| DIVIDEND |
15 Jun 2007 | 19 Jun 2007 | 14 Sep 2007 | 201206-311206 SGD 0.0053 | |
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| DIVIDEND |
15 Jun 2007 | 19 Jun 2007 | 14 Sep 2007 | 010107-300607 SGD 0.047 |
if their dividend can sustained in the next few years.. i do not mind too.. at least buying now, we are in good shape, better than fix deposit interest.. question is, is the dividen sustained ...
Babcock & Brown Refinances A$2.8 Billion of Debt (Update1)
By Stuart Kelly
June 30 (Bloomberg) -- Babcock & Brown Ltd., Australia's second biggest securities firm, agreed to a higher interest rate on A$2.8 billion ($2.7 billion) of debt as banks waived their right to force early repayment.
Bank of Scotland Plc and a syndicate of 25 banks also canceled a clause in lending agreements requiring the Sydney- based company's market value to remain above the A$2.5 billion level it plunged through this month, Babcock said in a statement.
The shares jumped 18 percent after Chief Executive Officer Phil Green said he'll appoint advisers to help with assets sales to cut debt. The global credit seizure has brought into question his strategy of borrowing to buy utilities such as wind farms and bundling them into funds.
``This may instill a bit more confidence in the company,'' said Sean Fenton, who manages the equivalent of $700 million at Tribeca Investment Partners in Sydney. ``They're still operating in an environment of tight credit, soaring inflation and depressed asset prices. Babcock needs to get some good assets sales underway and repay debt.''
The stock rose A$1.14 to A$7.50 at the close in Sydney, raising the company's market value to within A$25 million of the A$2.5 billion level. Babcock shares, sold for A$5 apiece in an October 2004 initial public offering, have fallen from a A$34.78 peak in June 2007.
It's among Australia's biggest casualties of a global credit contraction that's forced Allco Finance Group, Centro Properties Group and ABC Learning Centres Ltd. to sell assets to stay afloat.
Libor Rate
The company agreed to a 50-basis point increase in interest payments for the A$2.8 billion loan to a 200 basis point margin over a basket of benchmarks including the Libor rates for the Australian, U.S. and British currencies, spokeswoman Erica Borgelt said. A basis point is 0.01 percentage point
Increased interest payments may cost as much as A$10 million a year, Green said on a conference call today.
Babcock received initial bids of as much as $3 billion this month for European wind assets, including the Enersis business in Portugal, said three people with knowledge of the plan, declining to be identified as details are private.
A sale, which the company expects to be concluded in the third quarter, may help restore confidence in Babcock's ability to service debt. Babcock will also repay A$400 million once recent assets sales are concluded, it said today.
On June 12, Babcock's market value fell below the A$2.5 billion threshold that gave bankers the right to initiate a debt review and force early repayment. The stock slumped 24 percent the next day, capping a week that saw Babcock's market value dwindle by 53 percent.
`Good Deal'
``It's a good deal to have the market capitalization clause removed because it will cut back some of the short-term pressure that would be obviously hampering the stock at the moment,'' Ken Hanton, a senior credit analyst at National Australia Bank Ltd. in Sydney, said today.
As share declines accelerated, Babcock blamed short sellers for the plunge and said its business was operating as normal. Short sellers sell shares they borrow on expectations prices will fall and they can buy them back at a profit.
The implosion of Babcock's market value unleashed what UBS AG analyst Jonathan Mott called a ``crisis of confidence'' among investors. Merrill Lynch & Co.'s Kieren Chidgey termed it a ``further hit to management's already fragile credibility.''
Babcock now trades at 4.1 times its estimated earnings, compared with an average ratio of almost 20 since its stock market listing, according to data compiled by Bloomberg.
Babcock, founded in 1977, and the 24 investment funds it manages have combined debt of more than A$46 billion, according to Credit Suisse Group analyst James Ellis. Babcock had A$11.4 billion of debt on its own balance sheet as of Dec. 31, almost five times its equity, Bloomberg data shows. The company's debt amounted to 77 percent of assets at the end of 2007, more than double the ratio four years earlier.
Shares of Babcock's 12 publicly traded funds have also plummeted, leading ABN Amro Holding NV analyst John Heagerty to predict Green may have to write down assets by as much as A$290 million this year.
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
By Stuart Kelly
June 30 (Bloomberg) -- Babcock & Brown Ltd., Australia's second biggest securities firm, agreed to a higher interest rate on A$2.8 billion ($2.7 billion) of debt as banks waived their right to force early repayment.
Bank of Scotland Plc and a syndicate of 25 banks also canceled a clause in lending agreements requiring the Sydney- based company's market value to remain above the A$2.5 billion level it plunged through this month, Babcock said in a statement.
The shares jumped 18 percent after Chief Executive Officer Phil Green said he'll appoint advisers to help with assets sales to cut debt. The global credit seizure has brought into question his strategy of borrowing to buy utilities such as wind farms and bundling them into funds.
``This may instill a bit more confidence in the company,'' said Sean Fenton, who manages the equivalent of $700 million at Tribeca Investment Partners in Sydney. ``They're still operating in an environment of tight credit, soaring inflation and depressed asset prices. Babcock needs to get some good assets sales underway and repay debt.''
The stock rose A$1.14 to A$7.50 at the close in Sydney, raising the company's market value to within A$25 million of the A$2.5 billion level. Babcock shares, sold for A$5 apiece in an October 2004 initial public offering, have fallen from a A$34.78 peak in June 2007.
It's among Australia's biggest casualties of a global credit contraction that's forced Allco Finance Group, Centro Properties Group and ABC Learning Centres Ltd. to sell assets to stay afloat.
Libor Rate
The company agreed to a 50-basis point increase in interest payments for the A$2.8 billion loan to a 200 basis point margin over a basket of benchmarks including the Libor rates for the Australian, U.S. and British currencies, spokeswoman Erica Borgelt said. A basis point is 0.01 percentage point
Increased interest payments may cost as much as A$10 million a year, Green said on a conference call today.
Babcock received initial bids of as much as $3 billion this month for European wind assets, including the Enersis business in Portugal, said three people with knowledge of the plan, declining to be identified as details are private.
A sale, which the company expects to be concluded in the third quarter, may help restore confidence in Babcock's ability to service debt. Babcock will also repay A$400 million once recent assets sales are concluded, it said today.
On June 12, Babcock's market value fell below the A$2.5 billion threshold that gave bankers the right to initiate a debt review and force early repayment. The stock slumped 24 percent the next day, capping a week that saw Babcock's market value dwindle by 53 percent.
`Good Deal'
``It's a good deal to have the market capitalization clause removed because it will cut back some of the short-term pressure that would be obviously hampering the stock at the moment,'' Ken Hanton, a senior credit analyst at National Australia Bank Ltd. in Sydney, said today.
As share declines accelerated, Babcock blamed short sellers for the plunge and said its business was operating as normal. Short sellers sell shares they borrow on expectations prices will fall and they can buy them back at a profit.
The implosion of Babcock's market value unleashed what UBS AG analyst Jonathan Mott called a ``crisis of confidence'' among investors. Merrill Lynch & Co.'s Kieren Chidgey termed it a ``further hit to management's already fragile credibility.''
Babcock now trades at 4.1 times its estimated earnings, compared with an average ratio of almost 20 since its stock market listing, according to data compiled by Bloomberg.
Babcock, founded in 1977, and the 24 investment funds it manages have combined debt of more than A$46 billion, according to Credit Suisse Group analyst James Ellis. Babcock had A$11.4 billion of debt on its own balance sheet as of Dec. 31, almost five times its equity, Bloomberg data shows. The company's debt amounted to 77 percent of assets at the end of 2007, more than double the ratio four years earlier.
Shares of Babcock's 12 publicly traded funds have also plummeted, leading ABN Amro Holding NV analyst John Heagerty to predict Green may have to write down assets by as much as A$290 million this year.
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net