market cap and nav, page-109

Half sale of DBCT would only pay off about $300M of corporate debt. Therefore 49% DBCT plus cap raising, or 100% DBCT. Both would achive the requirement of paying down most of the corporate debt.

A very real survival scenario is no DBCT sale, $500M raised at 5c, Beppa converts at 4-5 BBI. 14B new shares + Sparcs and others. The current price then roughly makes sense.