beppa restructure??, page-91

Melua,

"BEPPA Terms Section 5.3
When the Company may give an Exchange Notice....."

The company can lodge an Exchange Notice to convert or redeem at any point This being subject to clause 5.8 where basically conversion, resale or redemption cannot occur if there is an outstanding Deferred Dividend.

I do not see how clause 5.3 can be relied upon by the company to effect a reconstruction as, considering BBIs cash position, they could only issue new securities effectively diluting BBi holders out of existence. Even then Deferred Dividenr arrears would need to be cleared.

Even then the approval of BBI holders is required because a company cannot issue more than 15% of its capital without member approval (ASX Listing Rule 7.1).

Then BEPPA holders are able to vote having in certain circumstances the same voting rights as BBI holders under clause 11.3.