scenarios, page-13

Plough,

I think you may be being a little unfair.

BBI had no breach of covenants. PowerCo settlement was pushed forward to ensure this, as banks wouldn't extend for one month. BBI management has done the best they can in what is becoming a tougher environment.

Don't you think it was convienient that Euroports was to settle at the end of this month and around $30m Euros was coming in from the sale of extra equity. These Euros would have paid Sparcs, no doubt. However the grubby bank now wants this money, as they don't care about dilution.

I think management has been open with this announcement and by reading it is trying to convince Sparcs holder not to convert. Giving them an increased interest rate in a falling interest rate environment anyone!

Lets see how this plays out by the 29th. I won't be buying ords unless the sp falls to give me similar risk/ reward on the NTA or after the 29th when it becomes clearer as to the conversion outcome.

Cheers