bbi eps (beppa), page-3

I read that a little differently - it suggested to me that due to the separation from BNB, that BEPPA *may* need to be redeemed, converted or reissued early.

They appear to have received advice that they cannot be reissued in the current circumstances, so they say that they currently intend to convert them to BBI shares if required - which I read to be conversion at face value.

Conversion at a current ratio of 12:1 would be a fantastic result for BEPPA holders... I can see the banks being keen to force this result also. A disaster for BBI holders

I may be completely wrong - so please do not rely on this.