annoucenment?, page-65

My post a week ago:

"This is the unanswered question re Sparcs. That is why Beppa to me is more attractive at present. I am sure the company is aware of the issue, however under the sweep facility I am not sure what they can do. Guidance by the company here would not go astray IMO."

Now we do have guidance. It all depends now:

1. How many Sparcs holders choose to convert (get interest, rather than uncetainity of dividends).
2. What the VWAP price is (confirmed but not completed asset sale may increase price for the 20 day period).
3. Only asset sale that can be concluded in time is Euroports for approx 30m euro. However appears to be caught in the sweep.
4. Whether any financial circumstances can change to change Director's (banks)intentions before 25 NZX business days before 17 May 2009.

Still many variables, although conversion seems likely for at least some of the Sparcs.

Disclosure for BBI changed to hold by me until these issues resolved or sp falls further, but Beppa still a buy.

Cheers