announcement, page-9

Sparcs holders were always in front of beppa on the pecking order and beppa holders get compound interest and all dividends at 2012 conversion date. Beppa holders benefit. BBI holders benefit because the pressure of sparcs conversion has disappeared for a year, subject to sparcs shareholders agreement which will be a formality if the major holders have engineered these changes which seems likely. The losers-Traders of sparcs unless buyer can be found at the higher price which is unlikely till an asset sale.