summary, page-18

what i dont get is Beppa convert at face value, but that only equates to implied value of 43c.

but the spp is going to be at $5-$10 for a 15,000 share parcel. or 0.03c-0.06c.

so i understand why BBI is worth nothing more than 4c, or 4.03c to be precise, and not 5.8c like i initially suspected.

but what formula are they using to convert Beppa at face and come up with 43c value? is it VWAP-4c? or vwap invluding the 4c? i cant see how they come to 43c. did they put a cap and floor on the VWAP of 4.2c and 4.1c, ie it must be in that range regardless of prevaling price? ie roughly 25BBI/Beppa