what we don't know can still beat us, page-5

This is my understanding re Sparcs in May 2009, again from the deed on the BBI website. Note unless in "" it is paraphrased because I am not able to copy and paste it. Please read it for yourself:

Clause 4.8.2 (b) Allows conversion on 17/5/2009 if conversion request lodged 35 NZX Business days this date.

Clause 4.8.4 After receipt of the conversion notice, no later than 25 days before the conversion date, BBI must state whether excahange or redemption will occur (or a combination of the two).

Further in the above clause, conversion will occur on the "Conversion Date".

Page 143 of the deed contains the definitions. Conversion date as it applies to 17/5/2009 is as follows:

" (a) a conversion request to convert 50% of NZ Sparc Holders Prime Infrastructure NZ Sparcs on 17 May 2009, 17 May 2009".

Therefore, IMO, as I have maintained, the conversion date is in May 2009 unless the deed has been ammended. We should know how BBI intends to deal with the conversion requests lodged 25 NZX business days before 17 May 2009 (about mid April), barring any announcement beforehand.

Cheers