is this a big joke?, page-42

Dargie, I can't see SPARCS having a lot of choice.
BBI Mgt has a whipping stick called BEPPA and I have no doubt this is why we saw the BEPPA EPS announcement along with the FY09 results last week.
At the time, I thought why would they even announce the EPS conversion trigger, but after Fridays announcement, it all comes together as a shrewdly crafted plan.
The plan came unstuck when the ASX refused a TH.

Now it's all about timing, and if SPARCS put a spanner in the works and convert on 20 day VWAP in Nov, BBI Mgt can do the same any time after with BEPPA.
I would imagine there is still some bads feelings since BBI Mgt got rolled back in May with the proposed 12 month SPARCS extension agreement.

In this scenario, the current BBI ords are the big loser, and there will be possibly no winners other than the CSI and the banks.

My gut feeling says SPARCS and BEPPA will get a low offer (maybe 5 BBI per EPS as compared with 20 VWAP of 20+) and possibly linked with a rights issue they can use or sell, in exchange for conversion into BBI and automatic acceptance of the CSI deal.

Dis: BEPPA only, changed from Sell to Hold.