Deals

BrisConnections’ shareholders vote against wind up

Australian construction firm Leighton will buy out dissident shareholder Nicholas Bolton for A$4.5m in an effort to rescue the Macquarie-backed project. The vote also suspended a move to delay an A$1 per share capital call due 29 April.

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Nearly two thirds of shareholders today voted against proposals to terminate BrisConnections, which manages a 45 year Brisbane Airport toll road concession.

BrisConnections: staying
alive

The vote took place after its biggest shareholder, Australian Style Investments director Nicholas Bolton, led a campaign to dissolve BrisConnections. Its share price has plummeted from A$1 last July to just 0.1 cents.

Australian construction firm, Leighton, agreed to pay A$4.5 million (€2.5 million; $3.3 million) for Bolton’s 19.8 percent (77,400,933 stapled units) stake on condition that he withdrew proposals to terminate the company, according to documents on the Australian Stock Exchange.

Today’s vote also suspended a move to delay an A$1 per share capital call due 29 April.