bbi eps limited, page-37

Enumerate: everybody realises BBI can force a conversion of the BEPPA, but no one has put forward a credible method by which the BEPPAs will not convert at VWAP and get $1+ of BBI shares. If the conversion is before the rights issue/placement, BEPPA holders who now own the company should just put the company in VA and scupper the rights issue.If the conversion is after the rights issue/placement, the equity will be worth $1 more or less .
Otherwise its a scheme which needs a vote and directors consent