market cap and nav, page-120

"They could sell 49% of DBCT to the mining syndicate for 1.6 bil then float the other 51% down the track offering a priority for BEPPA holders to convert there $1 into a $1 in DBCT.

Food for thought."

Absolutely no way in a million years would the corporate banks allow debt ranked below them to swap their debt for equity in assets that are security for the loans.

They would be giving up priority to BEPPA holders. That is NEVER EVER going to happen.

Try and be more realistic.