market cap and nav, page-40

>BEPPA interest

Read your Trust Deed.

(From memory)

The company is allowed to defer payment for 10 quarters. Then, they are obligated to issue stapled securities to cover off the accrued compounding interest payments.

Hence, there will be a tranche of interest covering stapled issued to hit the market (and collapse the share price) before the conversion of the basic prefs. Sort of a double whammy.

You couldn't design a better death spiral; even if you tried.

/disc: Some BEPPA