I think the whole play is around keeping 100% of DBCT. This is an excellent asset and will provide very considerable cashflows going forward. A BBI with 100% ownership of DBCT more than offsets any worries about their European assets as far as I am concerned.
If someone can steer the BBI ship past the short term (like a cornerstone investor's cash will do), then there is a lot of money to be made.
How they address SPARCS will show us how serious they are. You would think the timing of this today is to have the recap done in time to deal with the SPARCS conversion process by Nov 17. Even just an anncmt to this effect will really see the ords share price rally.
We shall see come Friday morning.
BBI Price at posting:
7.8¢ Sentiment: None Disclosure: Held
