Ann: Trading and Strategic Review Update , page-5

Good work SITM

I support your sentiments as I too was a BBI EPS Holder.

Fast action needed as this all needs to be done BEFORE any further releases are made by PPX.

As you will recall the 100% payout to BBI NZ Pref (SPARCS) holders was recognised right from day 1 ie Hastings had already done the deal.

BBI Aust EPS holders (BEPPA) were however offerred around 43c (if I recall correctly) from day 1.

There is a twist in all this however as Hastings had both SPARCS (major holder) and far lesser position of ~ 8% BEPPA (by memory).

I therefore speculate a deal was done with Hastings to pay them out 100% SPARCS if they would votes YES for the BEPPA 43c.

KEY CONSIDERATION

I have not gone thru voting rights and what this means for PXUPA's. What happenned with BEPPAs was even though the proposition was voted down by BEPPAs , the BBI Board was able to ignore the vote and proceed with the proposed restructure in the best interest of ordinary holders.

IMHO - the voting power (if any) of PXUPAs needs to be fully explored and any potential positions of strentgh traded off to gain a far higher $ return to PXUPA holders in return our vote.

Hopefully this is the game plan being adopted by major PXUPA holders.

By the way - does anyone know who the major holders are and what % they have?