annoucenment?, page-87

"Hi Dis.

Just a Q, if this were BEPPA exchange time would you convert and get BBI and then sit further down the feeding chain with a swag more BBI, or simply extend at better terms for another 12 months ?"

I guess the answer you are looking for would depend on
a) Timeframe for next asset sale
b) Countdown for next time bomb (ie dilutionary conversion)

As it stands I think A SPARC buyer (at todays prices) could reasonably expect to:
- pick up some 1c BBI shares (See Maths in previous post. Note Melua bought BBI at 3.1c today)
- get a free cary of the remaining 50c
- get some asset sales in the next few months before the next conversion roles round. This would either facilitate an exit above 1c or a long term hold if they can pay out the next round of SPARCS.

I would therfore convert SPARCS. I'd apply the same logic to BEPPA and would convert today (hypothetically) if there were no more conversiosns due for 12 months.

However with BEPPA conversions in 2012
a) Any asset that was on the chopping block would already be sold
b) I dont know when the next conversion date would be if I renewed
c) I dont know the "better terms"

I therefore don't think its fair to ask would you convert BEPPA in 2012. Apples and Oranges.

~Dis
100% BEPPA. BUY
0% BBI. SELL