conversion event has occurred for beppa, page-4

I will show my ignorance in asking this question...but here goes, anyway.

With normal preference shares - say ANZPA - these are issued by ANZ to raise equity and at maturity it is ANZ who makes the decision to either repay noteholders the face value OR convert them to ordinary shares.

In the case of BEPPAs - aren't the shares owned by the shareholder just like the ANZ PAs are? If so, doesn't BBI own the debt? Why would BBI want to dilute their own equity by issuing shares in lieu of repaying debt.......IF an exchange event was triggered?

Now, if the BEPPAs are owned by someone else - why would THAT person want billions of literally wirthless paper instead of debt repaid? And won't that "paper" end up in the hands of the BEPPA noteholders? Wouldn't THEY have a say?

If BBI itself does not control the BEPPAs, who does and how does this relationship align with the ex-ALinta shareholders who ended up with BEPPAs.

Maybe I am stupid....but who has the control here, and how does it get ironed out. I don't undersatnd how there are 3 parties involved here...because if BBI had issued the BEPPAs there is no way they would dilute their own shareholders by issuing billions in paper to the detriment of everyone.

That's how spec miners operate....NOT ASX100 stocks.

I would appreciate if anyone who understands this better than me can take the time to explain it to me (I am sure others would like calrification as well. Because - on the surface - I cannot see how exchanging BEPPAs for stock at sub-10c is good for ANYONE.

Coop (confused)