MEDIA RELEASE: December 1 2008
BRISCONNECTIONS INVESTORS
SEEK LEGAL OPTIONS
Law firm Slater & Gordon has begun investigating the performance and share price collapse of the toll road
operator BrisConnections on behalf of investors who participated in the IPO on the advice of financial
advisers.
Clients of Slater & Gordon lawyer Damian Scattini include a Melbourne retiree whose Macquarie Private
Wealth adviser described the BrisConnections float as a “must have” – his $50,000 investment was sold for
$50 – and a Swiss investor who has lost $400,000 after being advised by Macquarie Financial Services.
BrisConnections stapled securities listed on the ASX on July 29. Each unit cost an initial $1, with a further
$1 due in April 2009 and another $1 due in January 2010. On the ASX today, 136 million units are offered
for sale – most at one tenth of a cent. There are no bidders.
The underwriters, Macquarie Capital Advisers Ltd, Deutsche Bank, Credit Suisse, and J P Morgan,
reportedly earned fees of $100 million from the float. On October 16 Macquarie Bank owned a peak of 15.48
per cent of BrisConnections. Fifteen days later Macquarie had sold all its shares.
Not so lucky were the retail investors who bought on-market in recent weeks.
Melbourne housewife Fang He turned a $32,300 investment into a $65 million liability when she bought 32.3
million shares or 8.26% of the company, at 0.1 cents each.
Today she confirmed that she has sold her stake. BrisConnections highlighted her announcement to the
market with its own update statement. There is no ASX announcement yet on the reported $95 million
liability of a 26-year-old Melbourne investor who bought 47 million units for $47,600.
BrisConnections also re-affirmed that it will pursue investors for the two outstanding installment payments.
Slater & Gordon’s Damian Scattini says the BrisConnections episode is a sorry mess and the float should not
have gone ahead.
“We believe that investors who bought BrisConnections on the encouragement of their financial advisers,
including those linked to the underwriters, may have grounds for legal action,” he said.
“At this stage we are only investigating for those who bought BrisConnections stapled securities on the
advice of financial advisers.”
For more information
Damian Scattini, Slater & Gordon
(07) 3220 2555
Andrew Taylor (media liaison)
0411 156 797
Slater & Gordon (ASX: SGH) is a national law firm established in 1935 to give average Australians access to their legal rights.
Melbourne, Sydney, Perth, Brisbane, Adelaide, Canberra, Parramatta, Newcastle, Wollongong, Erina, Coffs Harbour, Broken
Hill, Morwell, Ballarat, Geelong, Footscray, Dandenong, Frankston, Werribee, Reservoir, Ringwood, Sunshine, Bunbury,
Nowra, and Southport.
www.slatergordon.com.au
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