looks like people are bailing , page-6

The reset offers bond holders full coupon value,interest paid quarterly of 8.5% where banks are offering 3%, and interest rate increasing to 10% in November. I hold sparcs and I'm buying more, I won't be converting its too good a deal. Bond holders in NZ are risk averse and the alternative conversion which weakens their position and causes major problems for the company and thus holder on the balance of their investment, is unpalatable. It is almost laughable that BBI management would not have agreement from a 75% majority of bondholders before making an announcement. The increased offer to bondholders coupled with improved expctations for BBI is a bonus for bond holders.