The main objective of any board is to create and protect shareholder wealth. Although the board has an obligation to BEPPA holders in some respects, the overriding obligation is towards the company's shareholders and right now they are the existing BBI ords holders.
An ord holder would expect the company to do its utmost to protect the shareholders' wealth and so therefore they would be expected to do their level best to restrict the dilution of BBI by the BEPPA as much as is possible.
Whether this happens, well it remains to be seen, but my view has always been the BEPPA is crippling the company and therefore the BEPPA situation needs to change, presumably by way of a BEPPA restructure.
I agree with others who think we need to wait and see what the outcome with DBCT is first. I must say I am starting to get nervous about the whole DBCT sales process.
beppa restructure??, page-110
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