Ann: Update on Forecast 2008 Final Result , page-35

If you look on the BBI string (which unfortunately has been jaundiced by some multnicing which destroyed the debate somehwat), BBI has some preference shares BEPPA and also some similar bonds to BNBG listed in NZ (BBN010 and BBN020), which have been trading around 30 cents on the dollar for a while now.

I personally do not think BBI is close to the negative equity position that BNB is in, and in fact although they are overgeared somewhat, they do appear to have strong operating assets with good cashflows and are close to achieving meaningful asset sales to reduce debt. They have suspended dividends and are also trying to renegotiate the BNB mgmt agreement and staffing issues I suspect.

HOWEVER, the point I am making is that if you were a holder of any of these BBI securities and bonds, the massive dilution of the BNB ordinary shareholders that is about to happen would see you tossing and turning in your bed at night. That's what I am getting at.