beppa restructure??, page-7

Your not concerned for BBI holders? right now Beppa is 1:2 BBI. so any conversion is likely to require atleast that ratio or more(a small premium). it doesnt really matter if beppa is 20, bbi 10 ( 1 for 2 swap)
beppa 40, bbi 20 (1 for 2 swap)

with sparcs dilution and a restructure of beppa, retaining the 2:1 ratio might be generous too. could easily widen to 3:1, especially if we give beppa holders a premium over market value to convert.

so 2.4bil on issue now
an additional 1.4bil new issued (minimum)

new shares on issue 3.8bil, but only an increase of $700mil on balance sheet.

thats a huge cut to nav/share and eps, it changes the long term outlook/fundamentals of the stock.