bbi enters agreement to reduce debt, page-4

I think you did not highlight the most important passage:

"It is likely that there will be a requirement for full conversion of EPS and SPARCS in advance of, and in order to facilitate, any equity recapitalisation and that the
ownership interests of BBI ordinary securityholders, and EPS holders and SPARCs holders post-conversion will be significantly diluted by the recapitalisation."

They are making it as clear as light of day for you that the EPS are going to get body slammed by dilution. So just forget whether you are converting per the EPS agreement or on some other conversion terms. All that matters is that after EPS converts the dilution that follows the conversion will be *significant*.