More Babcock Wind hot air
But when quizzed by a shareholder about why they were selling off such good assets - selling the things investors had bought into BBW to own - BBW came up with entirely new reasons.
Now BBW says the Spanish wind farm operation is a dog - a low-yielding asset that didn't produce and economic return. That's a little at odds with the glowing picture painted in previous reports. I'm not sure it was the smartest thing to say when the sale hasn't settled yet.
November 27, 2008
by Michael Pascoe
in The Age
Surprise, surprise, Babcock & Brown Wind shareholders weren't told the truth about why their main European wind farms were put up for sale. Or they weren't told the truth at BBW's AGM yesterday - this is a Babcock and Brown company, so it's hard to be sure where the truth is.
Press coverage of BBW's AGM seems to have been largely written out of BBW media releases and thus doesn't quite tell the full story of this bemusing exercise in backtracking and backside covering, never mind the sudden discovery of very basic corporate governance.
For a start, there was the proposal... [continue via Web link]