announcement, page-13

Hmm, this starts to look awfully messy.

"(f)an additional undertaking from BBI that it will not make any cash distributions (being dividends or distributions on the BBI Stapled Securities or dividends on the BBI EPS) to either BBI Stapled Securities or BBI EPS for as long as there are BBI NZ SPARCS on issue; and "


It appears (and I am no expert) that BBI & BEPPA will not not receive and divs until SPARCS have been paid out but this now won't occur until Nov 2010, ie. the new reset date !
Question, are BBI allowed to pay out SPARCS prior to new reset date ?

Does this mean that even with assets sales, no divs can be expected for BBI / BEPPA until after 2010 ?
The only way BBI can survive is to have the flexibility to meet the changes in global economy if this is not possible then BBI and BEPPA SP will struggle to attract investment.

I did say to expect a rabbit out if the hat, but I think this may well be a rat !

Hopefully the legal gurus for the large BEPPA holders will have a close look.