i only think its a bad investment under those particular terms. that much dilution removes alot of the fundamentals and shifts a great portion of unrealised asset value to csi along with future earnings.
i only question that the csi money could be better spent at asset level or on full takeover or another deal. after all he is investing $1.8bil and inherits 45% of all BBI debt.
i can think of better structures that will benefit the csi even more and also offer existing holders some light.
cheers
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yet another try to calculate beppa value, page-3
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