To me SPARCS major holders just jumped in front of BEPPA...

To me SPARCS major holders just jumped in front of BEPPA holders. So now BEPPA have to wait till SPARCS is fully redeemed/converted before getting any dividends. This story just gets more like a soap opera by the day...

(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