annoucenment?, page-74

A possible read between the lines of BBI's ASX released statement could be that that the company does not want to/ cannot exchange for cash at the request of the bankers.

They do want the SPARCS holders to roll over their terms.

so they give the indication (threaten) the directors CURRENT preference is to exchange to BBI shares in the hope that it will encourage SPARCS holders to accept the roll over.

Why else would you publish such a pesimistic spreadsheet of the possible dulionary outcomes - they were not obligated to publish such a spreadsheet.

It makes no sense at all for any SPARCS holders to switch to BBI unless they see that BBI is going to dig itself out of the hole and become a viable infrastructure company (LT speaking) once again. Even doing that the dilution takes the icing of any potential future party cake that may exist.

Something to consider:
How do you think that the major BBI shareholders and BNB creditors are going to accept a Share dilution. For a measly 124 mil that could have been paid?

The main thing to remember is that that Bond holders have a different risk aversion profile to ordinary share holders, and there future actions should be in line with this line of thinking - i.e. roll over, and keep the prefferred security over BBI