what about the $700M cash required to pay back the BEPPA's when they fall due in 2012? Would they not be better off saving up for that?
Or even better, if they did achieve a full sale of DBCT and did clear away a pile of corporate/bond debts for good (which I think they should try to do), I would prefer to see them buying back the BEPPA at a significant discount and cancelling them.
Now that would really bring your share price up again. It would reverse the death spiral effect these prefs are currently having on the BBI ords share price.
If the company can show itself to be doing something proactive about removing the threat of dilution, well then that would really get your share price cracking.
This would be far more effective than resuming dividends.
BBI Price at posting:
8.3¢ Sentiment: None Disclosure: Held
