Babcock & Brown Power in trading halt

Securities in Babcock and Brown Power Ltd (BBP) have been placed in a trading halt, pending the outcome of gas contract negotiations in Western Australia. "The reason for the trading halt is that BBP is currently in the process of assessing the impact of the interim award in relation to the previously announced gas contract arbitration in Western Australia," the company told the Australian stock exchange, in requesting the trading halt.

"The interim award was delivered (yesterday at 5:00pm AEDT), and negotiations with the North West Shelf sellers and other stakeholders in response to the interim award remain ongoing.

"Both the assessment of the impact on BBP of the interim award and the related negotiations will not be concluded prior to the opening of trading (on Wednesday)," the company said.

"BBP will effect disclosure to the market as soon as the outstanding matters have been addressed."

The trading halt will remain in place until the commencement of trading on Friday, November 13, or when an earlier announcement is made to the market.

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