BRISCONNECTIONS UNITS TRUSTS 
By 19 February 2013
BRISCONNECTIONS ENTERS VOLUNTARY ADMINISTRATION
The Board of BrisConnections (ASX:BCS) today announced its decision to place the BrisConnections group
entities listed in the below schedule into voluntary administration. The Board resolved to appoint Jamie Harris, John Cronin, Jason Preston and Peter Anderson of McGrath Nicol Partnership as the voluntary administrators.
As advised in a release to the ASX on 12 November 2012, following an analysis of traffic levels post the introduction of tolls and a review which determined that the enterprise value of BrisConnections may be less than the outstanding debt, the Board and Management entered into negotiations with the group's lenders and other key stakeholders regarding potential reconstruction options.
The Board and Management conducted an extensive review of the expected future cash flows of the group, based on an analysis of actual traffic numbers which, despite extensive marketing and a phased in toll regime, were lower than originally forecast. BrisConnections also undertook a detailed review of its expenditure, resulting in a number of initiatives being implemented to reduce operating costs.
BrisConnections submitted detailed restructuring proposals to the group's lenders but the Board has been advised last night on behalf of the lender group that the requisite majority of the lenders is not prepared to support these restructuring proposals.
Despite extensive communication with the lenders and their advisers, the Board has not been able to reach agreement with the lending syndicate on the merits of the proposals.
Having exhausted the alternatives available to it, the Board are unanimous in their decision that the appointment of voluntary administrators is the appropriate course of action at this time.
BrisConnections Non-Executive Chairman, Trevor Rowe AO said: "It is disappointing that the Board has had to reach this decision. The AirportlinkM7 is unquestionably a world class piece of transport infrastructure that will continue to support Brisbane's growth into the decades ahead."
The tunnel will remain open and available to road users as normal. All customer accounts are secure and AirportlinkM7 will continue to provide the time saving benefits it has delivered within the Brisbane road network.
SCHEDULE
Brisconnections Holding 2 Pty Ltd ACN 128614755
Brisconnections Operations Pty Ltd ACN 128 615 547
Brisconnections Management Company Limited ACN 128 614291
Brisconnections Contracting Pty Ltd ACN 128631 498
Northern Busway Contracting Ply Ltd ACN 128616464
AirportlinkM7 Pty Ltd ACN 149 633 929
Australia
PO Box 412 Lutwyche Qld 4030 Australia
Investor Hotline 1800 236 994 or +61 7 3170 1900Link Market Services Limited, Locked Bag A14, South Sydney, NSW 1235 Australia
Web www.brisconnections.com.au
Brisconnections Nominee Company Pty Ltd ACN 128615814
Brisconnections Finance Pty Ltd ACN 128 629 676
ENDS
BrisConnections has been awarded a 45 year concession from 2008 to design, construct, operate, maintain and finance the AirportlinkM7 tollroad in Brisbane. AirportlinkM7 is a 6.7 kilometre multi-lane electronic free-flow tollroad with dual 5.7 kilometre tunnels which opened to traffic on 25 July 2012. AirportlinkM7 connects Brisbane's northern suburbs with Brisbane's CBD and Brisbane Airport, the CLEM7 Tunnel and the Inner City Bypass. It serves as a key distribution road, connecting some of Brisbane's major destinations such as Brisbane Airport, the CBD, Royal Brisbane Hospital, Australia TradeCoast and Chermside Shopping Centre.
AirportlinkM7 is more than just a road, it is a multi-destinational link, connecting many of Brisbane's key economic zones, the city, airport and places all around. It
• dramatically transforms the way people drive in Brisbane;
• reduces congestion;
• saves people time and money;
• will contribute to the economy of South East Queensland;
• is an extraordinary infrastructure asset for the community of South East Queensland and adds significantly to transport efficiency between the Brisbane CBD and the Brisbane Airport / Australia TradeCoast precinct; and
• revolutionises the way motorists move around Brisbane.
An investment in BrisConnections Unit Trusts comprises a stapled security made up of one unit in BrisConnections Investment Trust and one unit in BrisConnections Holding Trust. Stapled securities in BrisConnections are listed on the Australian Stock Exchange under the code "BCS". There are many factors that may affect the results of an investment in BCS which are outside the control of the Directors of the Responsible Entity or may not be capable of being foreseen or accurately predicted.
BrisConnections Management Company Limited ABN 67 128 614 291 AFSL 322 275 as responsible entity for BrisConnections Holding Trust ARSN 131 125 025 and BrisConnections Investment Trust ARSN 131 124 813 Address Level 1, Airportlink Operations Centre, Cnr Stafford and Clarence Roads, Kedron Qld 4031Australia
PO Box 412 Lutwyche Qld 4030 Australia
Investor Hotline 1800 236 994 or +61 7 3170 1900Link Market Services Limited, Locked Bag A14, South Sydney, NSW 1235 Australia
Web www.brisconnections.com.au
|
distributed by
|
