I said this in another thread back at the end of March:
"It looks like BPP will have to potentially redeem $4,475,000 of convertible loans (at 12% per annum interest!) on 30 June. The conversion factor is 2.25c per share (or the price of any equity raising in the next 2 months whichever is lower- minimum 1c). So, if the note holders do not convert where will BPP get the $4,475,000??"
It is pretty clear now where the $4.475m is coming from! Trashed the value of the company by 30%.....
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