max conversion good for beppa?, page-23

"All those SPARCS holders (who currently rank equally with BEPPA in a wind up) will be one step down the food chain once they convert. For this very reason I think the conversion rate will be low."

This hits the nail on the head. Traditional SPARCS holders will lower themselves 2 pegs on the security totem pole and that is probably what they don't want to do. I do not see a massive conversion taking place, maybe 15-20% tops.

Also the fact that you find out what the conversion percentage is before the VWAP period begins may be a good thing if a low conversion is signalled. The BBI share price could rally if some of that conversion threat is taken away. And this in turn would mean les dilution if the BBI VWAP price is (say) 5 cents rather than 3 cents.

Be interesting to see just exactly how much positive asset sale news they get out there in the next few weeks.