here reply to enquiries to bnb, page-11

If the BNB shares get totally wiped out to zero value in the arrangement then I don't see that it can be a massive dilution. If it was a dilution they should have used the wording that they used for the noteholders (i.e. negligible equity). Even under dilution, the BNB shareholders still own a piece of the pie, no matter how small that piece is. So it doesn't sound like dilution to me.

How did you glean that the noteholders would get paid the entire face value from that announcement? Sounds like the total opposite to me.