conversion event has occurred for beppa, page-11

I would love to know what the event was. It does seem a bit strange to me that from ABN Amro's client notes mention no event had been triggered as of yesterday when the spoke to senior management. So did something happen today?

It does also seem weird that the main risk that was being talked about for a BEPPA trigger was BNB falling over. This certainly didn't happen today yet we have another event which has occurred?

I remain sceptical about the conversion event for the moment as surely this would have been considered material and an announcement made by the company.