This is actually a positive announcement. Most bond holders would probably not elect to exchange and therefore dilution will be minimal. The issue of conversion is then delayed until the new reset dat of 17 November 2010. BBI could have decided for a longer reset time frame, I assume, rather only on year. Does this imply they will be in a better financial position in 18 mths?
PS. Hold BEPPA
annoucenment?, page-28
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