I am losing track of the number of times I have had to tell everyone here the following (excuse the shouting but some people have a hearing problem):
YOU CANNOT ROLLOVER A PREFERENCE SHARE!
The terms of that preference share need to available to all holders. A new preference share issue may indeed be suggested, but it is NOT a rollover. It is a new issue. You will almost certainly find that the attitude of those who paid $1 will be to convert into shares and get as much of their capital back as they can.
The BEPPA's have a finite ending in 2012. It is not a movable feast. The clock cannot be turned back. You cannot change midstream.
You can of course resrtucture the bonds at any time, but I suspect that would need a 75% vote at a meeting and that would take some getting (as we saw at the SPARCS meeting).
Come on folks. Wake up.
BBI Price at posting:
8.1¢ Sentiment: None Disclosure: Held
