beppa, page-10

"If I was offered (say) 30 cents cash and 2 shares or something similar, I would be gone into the night. By restructuring the notes, the shares would have a whole lot more upside and you would stand to gain from them rising because the dilution factor of the prefs would be removed."

dargie,
You're talking my language now. I think it is inevitable some sort of re-structuring of BEPPA will occur. Once corporate debt and SPARCS are cleared, BEPPA holders will have the whip hand. $780M plus interest is a big hurdle to overcome in three years. I think BBI would not want to sell any more assets just to pay out BEPPA. A re-structure on more favourable terms is a near certainty. 90 day BBSW +115 points will just not cut it in today's market.
I think the new reset terms would have to bump that interest rate to the equivalent of SPARCS new proposed terms. ie.10%.
So for buyers of BEPPA at today's prices, you could be in a position to be receiving your entire capital outlay in one year's interest payment.