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BC,

that is my understanding, except the following:

BBI has 25 NZX business days to confirm cash or script conversion (or combination) before the 17th of May. Therefore intention may not be reality, however impossible to see how cash will be involved unless banks relent or a white knight appears given the sweep.

I think the 20 days starts 10 April. It was in the announcement (close to 25 business days before 17 May I think).

Cheers