Unless I am misunderstanding how this recap is structured, I...

Unless I am misunderstanding how this recap is structured, I don't think that the 10% discount on BBI can be used to help estimate what the "Beppa" will be worth if there is a yes vote. IMO, BBI is trading at a discount to the 4c simply because of the risk i.e. there is no guarantee of a yes vote so no guarantee that the 4c will be forthcoming. So anyone wanting to buy needs something to make it worthwhile to accept that risk and someone wanting to sell is willing to accept less to have certainty in what they get.

Holding BEPPA, minimal BBI