Ifandwhen, I also think the SPARCS holders will be present a problem but it will be all about timing and strategy.
My guess is that Dargie's concept of a deal being offered for fixed amounts of BBI per BEPPA and SPARCS upfront will be presented, and this will be the only equitable approach to all current parties (BBI, BEPPA and SPARCS) provided they know what the CSI dilution will be.
If SPARCS don't play the game in this offer and wait till November for conversion at 20 day VWAP, BBI management will use their trump card BEPPA conversion after November - hence the BEPPA announcement 26/08.
The biggest loser in this situation will be the current BBI ords and then SPARCS, followed by BEPPA which will get the scraps left over by the CSI.
BBI Price at posting:
6.1¢ Sentiment: Sell Disclosure: Held
