max conversion good for beppa?, page-4

I'm surprised that BBI cant find someone to effectively underwrite the SPARCS. Ie the offer some insto sufficient yield to take over any SPARCS that won't roll over. I think BEPPA has this mechanism as one of the options for 2012.

Some institutions would not just benefit from the yield but also minimise any dilution of their shares.

To the original poster, you are correct. Anything that shores up BBI Ltd's survival at the expense of BBI shareholders will benefit BEPPA.

I also think its ethically wrong. To the more ethically flexible, however, A lazy $150 million could buy all SPARCS shares (direct offer to holders for face value) and the fund who then holds them could indicate that they will be converting all bonds (50% now, 50% in November). This would send the SP into free fall to the point that the $150 million stake could effectively buy enough of the register to control the BBI.

I hear Phil Green likes a deal or two and has a few million salvaged from the carnage.

Hypothetical scenario only ... but makes you think.