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Why Broadspectrum Shareholders should ignore the board’s recommendation and take the Ferrovial money and run

Jack Lowenstein

Ellerston Capital

Yesterday's PNG court ruling that Broadspectrum's Manus Island detention camp is illegal means shareholders should ignore the advice of its board and take Ferrovial's $1.50 a share offer, which closes on May 2nd. Broadspectrum’s board should also climb down from its untenable position that the bid isn't in shareholders' interests. Following disappointing news BRS had during the bid on its contract to manage the Manus and Nauru detention camps, Independent Expert E&Y cut its valuation to between $1.60 and $1.85. However, as tables on our website show, if E&Y had used the same methodology as in its first report, BRS would have been valued between $1.38 and $1.63, with a mid-point of…. Wait for it….$1.50! …. exactly what Ferrovial has offered! Read the full story and see the tables: (VIEW LINK)


Jack Lowenstein
Joint Chief Investment Officer
Ellerston Capital

Jack co-founded Morphic Asset Management in 2012. As a stock picker Jack has invested in a variety of markets and sectors, but developed in-depth knowledge of markets in Asia-Pacific region as well as global finance and resources sectors.

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