I am not worried about conversion to BBI securities as long as...

I am not worried about conversion to BBI securities as long as their are no securities left to dilute me later.

If conversion happens then I am sure ordinary holders will have been wiped out of existence. The key point is that the "new" BBI holders (old Beppa holders) will own all of the company. It doesn't really matter what the new BBI's trade at after conversion because I will have a good idea of what their fair value is based on cash flows and NAV. As always, if the market isn't willing to buy at fair value I will buy more. What is more, the situation will be clearer with no more chance of dilution by exploding prefs, so valuation should be relatively easy.

Beppa only.