Nostra, the VWAP change is the hook, it means sparcs BBN010 bondholders can convert (after reset) at any time at the minimum of 17.5c, previously there was no incentive to convert as minimum conversion price was $1.75.
What this also means is that the BBI share price is extremely unikely to go past 17.5c in the near future because this would cause a spate of conversions, bond holders with a current price value of $0.40 would IMMEDIATELY (or within 7 days) convert to more than a dollar in value.
Personally I believe BBI would like the price to exceed 17.5c prior to the meeting and it is clear that if that did happen, then the reset would be voted FOR, one would expect that BBI price would then tank (greater number of shares) Bond holders however would still be better off than BB holders who had bought at 17.5c or greater
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