massive wall being built, page-24

Nathan, BEPPA can not be diluted as they they have a face value of $1 with a reset date, and a dividend return based on the 90 Bank Swap Rate - more preference shares means bigger payout by BBI, and hence less profit.

BBI on the other hand can be diluted because dividends (when / if, they are reinstated) are based solely on profit and distributed back to the share holders - more shares means less dividend per share.

I can not see any more BBI preference shares being offered ever again as I believe this model model is now dead.