smh article, page-20

Guys, you need to be aware of the detail.

BNBG has guarantees and obligations from BNB and BBIPL. The control provisions apply to BBIPL - the operating entity, which has a separate and distinct equity structure from BNB. BNB control the majority stake - indeed, I think have increased this from the 74% detailed in the prospectus - but there are minorities in BBIPL.

Personally, I am waiting to see if the banks approach the BNBG holders with a bouquet of flowers, from the front; or a stilleto knife, from the back.

/disclosure: BNBG holder; not BNB