bbi eps limited, page-5

I've checked section 27 CONTINGENT LIABILITIES AND CONTINGENT ASSETS of the report and it does not mention that BBI EPS has any liabilities to the parent's corporate banking group.

If so then you might consider the BEPPAs senior to parent company debt up to the value of the net assets in BBI EPS Limited but junior obviously in respect of the guarantee from the parent.

Lots of hard value in the BEPPAs plus an option on the survival of the parent.