Babcock & Brown Capital Limited (BCM) is an Australia-based investment company that focuses on building a portfolio of investments with a flexible investment time horizon. The Company operates in three segments: telecommunications, whose principal investments and investment management activities are in the telecommunications sector; directories, whose principal investments and investment management activities are in the published and online sector, and corporate, which includes management of the funds in the Company that remain uninvested in the entities outside of the Company. BCM principally operates in Australia, Ireland and Israel. On August 1, 2007, BCM announced the acquisition of G.P.M. Classified Directories (Management & Marketing) Ltd, also referred to as Golden Pages Israel.