yes the proceeds of SPP/insto placement is funding the 4c...

yes the proceeds of SPP/insto placement is funding the 4c payment to BBI holders regardless of wether they participate in the SPP or not.

the bottom line is BAM have structured it in such a way that everything is linked nicely. BBI need BEPPA and BEPPA need BBI.

NO cap raising = no 6c for BEPPA. so its a bit rich wanting an additional 11c at BBI expense(who are providing the capital).

The capital return and interest arrears are carefully orchestrated to get the deal over the line.

I agree that Beppa was a $1 loan and are entitled to that. but i struggle to see why they would be entitled to any new capital injected into saving the business. without the cash injection BBI folds and Beppas future is uncertain.

a fairer outcome may be for insto/bam/spp to pay slightly more in the cap raising, ie pay the same amount but get less for their investment. if everyone sacrificed 1%, it would leave an extra 3% for the Beppa conversion. and 3% of 1.8bil is $54mil extra for beppa or extra 7c per beppa.

im happy with my BEPPA and will be voting YES.