conversion event has occurred for beppa

FROM UBS....

UBS rates BBI as Buy - There has been a BEPPA Holder Exchange Event that would allow holders to convert into BBI shares, which the broker notes could wipe out the group's equity in less than two months.
The broker suggests this significantly increases the risk associated with the stock but as there remains much uncertainty as to exactly what will happen it is difficult to factor this in at present, so for now it retains its Buy rating.