I just dont see why a BEPPA restructure is so important. where...

I just dont see why a BEPPA restructure is so important. where is the threat of dilution? Beppa cant enforce dilution, only BBI can do that.

The only clause Beppa has to fight BBI issuing new capital to a cornerstone investor is that the are owed dividends, otherwise BBI are allowed to issue shares that rank lower than BEPPA.

Why would BEPPA holders try block a new investor? Beppa safety cushion was just evapourated by $900mil. If someone invest new capital into BBI, Beppa can get some of that cushion back.

Why would a corner stone investor fear dilution? If the investor is confident in releasing NAV and earning potential, then surely they realise BBI will be trading higher in 2012? and surely they will delay Beppa restructure til then and possible buy them out themselves to increase there holding in BBI.

Maybe we mix in different circles, but i keep hearing rumblings from the top20 shareholders of BBI, and if they are correct then 3 have already formed an alliance with more likel to follow.

The will undoubtably get someone voted onto the board, and there total voting percentage at AGM and in general will easily block a restructure of Beppa.

The logic to me of : Beppa is holding BBI share price back due to fear of dilution seems over exaggerated, when any substantial BBI holder would almost single handedly be able to block such a move.

Further more, if BBI is languishing due to fear of beppa dilution, the logic of making that fear a reality to improve BBI SP seems confusing.

As for the writedown, it basically will mean 10c less NAV for your restructure proposal, so instead of 34c it will be 24c. nobody will pay 20c for a 24c nav.

SUMMARY: More than ever i think there will be a capital raising, if my sources are correct i suspect to the tune of $500mil-$700mil. Beppa will not be included nor BBN020 bonds.

i was lucky enough to get a few more Beppa below 15c, but not many were available. Already overweight in BBI, so didnt add to them.

I may end up with egg on my face for thinking a Beppa restructure is off the cards, but i'll be rich, some comfort in that.

cheers