the 14 BBI was the poster above me, im merely stating the fact that beppa is in a much better position than sparcs on current trading price.
the exact ratio could be anything, could be less than face value, but i believe it will be face value. also the vwap may be higher than you think because it will go into trading halt first(possible never come out of it).
sparcs $1 should be trading at same as beppa $1. why such a premium? 50c to 10c?