market cap and nav, page-3

an ideal outcome would be BBI@12c, BEPPA@20c. BBI then offer BEPPA holders 1.78xBBI=21.4c. A small premium, but for some reason BEPPA accept, or wait til BBI@18c and if BEPPA< 32c they may accept.

IF we do calculations for after sparcs conversion, we get:

Post dbct($2.7bil)/sparcs(1.25bil BBI), post beppa convert @1.78x. we have:

BBI=12c, BEPPA=20c
New Market Cap=circa $1.15bil..... ($450mil+$700mil)
New Nav=$2.8bil......(2.1bil+700mil)
New shares=5bil.....(current 2.5bil+1.25bilsparc+1.25bil beppa)

NAV/share still 56c....($2.8bil/5bil shares).

This is truely the ultimate outcome that dreams are made of :)

Huge market cap, same NAV/share(and hence future potential), no BEPPA.

Then do a 1:10 re-constitution. Shares go from 12c to $1.20(nav/share from 56c to $5.60). shares on issue down from 5bil to 500mil. same $1bil+ company.

Then just wait and watch as the $1.20BBI approaches $5.60NAV... lol.

It was a lovely dream.