BrisConnections in talks to stave off a wind up

The Macquarie-backed toll road project could suspend a capital call to avoid being wound up after its biggest shareholder Nicholos Bolton won his petition for a shareholder vote on the fate of the project.

An Australian toll road project is in talks with shareholders to skip capital calls in a bid to prevent the scheme being wound up.

The 45 year toll road concession, BrisConnections, is in talks with its backers, Macquarie and Deutsche Bank, about allowing investors to avoid a A$1 ($0.7; €0.5) per share capital call which is due at the end of the month.

The largest shareholder, Australian Style Investments director Nicholas Bolton, has been lobbying for the project to be wound up since February. He has called a meeting on the 14 April for shareholders to vote on whether to suspend the BrisConnection Capital Trusts.

BrisConnections’ share price on the Australian Stock Exchange has plummeted from A$1 on its debut last July to just 0.1 cents.

BrisConnections directors have “vigorously opposed” the wind up resolution, which needs 75 percent of the votes to be passed.