BEPPA and SPARC EPS holders can be forced to convert to stapled.
No vote, no "by your leave", no "if's", no "buts", no "maybe's".
The conversion could happen in two tranches. The accrued interest could be paid for by sales of stapled followed by a forced conversion of the EPS.
BBI ordinary holders get massively diluted in the process.
However, everyone gets a chance to buy a piece of the company they formally owned through the rights issue.
I would like to think that the ethics of forcing EPS holders, who thought they were buying a fixed income debt instrument, (for their Alinta holdings), to suffer the same fate as the stapled holder - would have been a constraint on the BBI Directors. I would hope they "do the right thing" and give the EPS holder a break - but I am not holding my breath. Events are now in the hands of merchant bankers .... all hail the "silver doughnut".
BBI Price at posting:
5.3¢ Sentiment: Hold Disclosure: Not Held
