ann out!, page-9

This was my post 7 August. I have nothing to add, a bit disappointed.

"Hi Melua,

I was going to post some thoughts last night, but deleted it as it may be seen as downramping on the ord holders(of which I am one).

If you look at the Beppa deed you will find BBI can call an exchange at any time. I would think that if the big boys wanted too they could engineer this.

Essentially run a change of control, issue an exchange notice for Beppa around the same time as Sparcs , pump BBI price a little if they want through buying to control the dilution to where they want.

They then let the dilution happen, consolidate the shares and do a capital raise. The institutions win by getting the assets cheap and returned to investment grade, hybrids are clened out and corporate debt gone with all assets still held. Win/win for the institutions, the ord holder is screwed. A name change would naturally follow as BBI is cut out and management internalised.

If the board cannot achieve asset sales of any significance at book and above, I feel this could play out. I hope not, but time will tell."

Cheers