The interesting point is"an additional undertaking from BBI that...

The interesting point is

"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"

that infers to me that sparcs is above BEPPA?

On a positive note it looks like they have extended conversion date by 1 yr??

Got to be good doesn't it