Babcock & Brown following admission of the C Shares to the Official List and to the London Stock Exchange on 22 April 2008, in excess of 80 per cent. of the C Shares proceeds had been invested. In accordance with the terms of the C Shares, the Directors determined that the Calculation Time for the conversion of the C Shares into Ordinary Shares was 23 June 2008 and, therefore, the conversion will be made on the basis of the respective net asset values of the C Shares and Ordinary Shares as at the close of business on 23 June 2008.

 

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