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PBL shares dip

11 October 2006

AUSTRALIA – As reported by the Sydney Morning Herald: "When Publishing & Broadcasting Ltd pulled out of the bidding for the two Singapore casinos early this year it was welcomed by some fundies as a sign the company was not going for trophy projects at any cost.

"So it probably shouldn't be too surprising that its shares fell yesterday on the news it has joined a consortium bidding for the second casino, with plans to spend $US3.5 billion ($4.7 billion) on what was meant to be the cheaper of the two casino projects. The shares fell 14c to $19.45 yesterday.

"'In our view PBL's involvement in the Sentosa bid is somewhat surprising given the high capital costs and onerous conditions imposed by the Singapore Government are similar to the Marina Bay project which PBL-Melco withdrew from on the basis that the returns were insufficient to justify the high capital costs,' said Deutsche Bank's Andrew Anagnostellis…"

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