is this a big joke?, page-3

"A Merrill Lynch analyst, Matthew Spence, calculated the full conversion of BBI's BEPPA and SPARCS hybrids - a likely condition of any recapitalisation plan - would leave current shareholders with just 18 per cent of the company.

And that is before the cornerstone investor injects additional equity in return for what is likely to be a majority stake in the company. After that, existing holders would own less than 9 per cent of the company, which would then have more than 29 billion shares on issue."

This calculation supposes that BEPPA + SPARCS convert at full face value to BBI ORDS, then the CSI is issued shares enough to give a controlling stake... i hope it plays out like this because this is great for BEPPA holders at current prices...

Dis: hold BEPPA