Canadian-under $3.00 Stock-Picking Challenge Message Board

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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge

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To: Buckey who wrote (4627)	11/5/2001 6:44:41 AM
From: Al Collard	of 11802

BRK-t...in the news Globe/CP say Bracknell board resigns, stock dives Mon 5 Nov 2001 In the News The Globe and Mail reports in its Saturday, Nov. 3, edition that lenders have declared Bracknell in default of amended credit agreements and have demanded immediate repayment. A Canadian Press dispatch to The Globe reports that Bracknell's board of directors has resigned. Bracknell, whose bet on fibre optic infrastructure went bad, posted $5.9-million (U.S.) of cash against loans of $179.3-million (U.S.) as of July 31, when it amended its bank covenants related to its capitalization and debt service coverage. On Sept. 19, Bracknell said it had reached a tentative agreement with its banks to gain an additional $20-million (U.S.) in financing and defer principal payments of $25-million (U.S.) due on Oct. 31. However, Bracknell said Friday lenders have declared all amounts outstanding immediately due, and have notified it of their intent to enforce their security. Bracknell posted a loss of $274.3-million (U.S.) in the quarter ended July 31, including writedowns. Bracknell was added to the Toronto Stock Exchange 300 composite index in January, 2000, when its share price was about $8 (Canadian). Bracknell stock tumbled 14.5 Canadian cents to 5.5 Canadian cents Friday on the TSE.

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