im sure i read that the SPARCS (NZ) had the ability to request cash as opposed to shares.
if this is the case why dont they just ask for the cash rather than shares? if BBI doesnt have the cash then call in the administrators and make sure the banks also feel some pain?
why should equity holders aways take the hit, as part of te recapitalisation plan banks should be made to convert 10% of the debt to equity as well. im sick of seeing equity holders get bent over by banks. why say the NTA is $0.60 per unit and then do a deal at %0.007? its a joke.
its amazing to think that high paid analysts were ramping this stock to $1.90 and now its $0.05 and bankers are now saying the raise capital. you would think banks could see the benefit of holding these types of assets.
how about the future fund? they just sold down $2.5b worth of TLS, wouldnt buying the DBCT be a good long term buy? no, not according to these guru's, they would rather buy UK commercial property than the biggest coal terminal in the world.
just imagine BBI sellin DBCT for 10% below book value and clearing out all of its debts rather than shafting equity holders with a massively dilutive equity raising.
BBI Price at posting:
5.3¢ Sentiment: None Disclosure: Not Held
