market cap and nav, page-80

>Therefore, if BEPPAs are essentially worthless in administration, the only real premium is the circa 5c owed in interest. Therefore, 11c should be tops for BEPPA right now and if BBI weaken further because of SPARCS, BEPPA should go down with them.

I think your analyst need a good briefing on exactly what the EPS are ... His statement, that the value is in the interest, does not make sense to me.

If BBI are worth 6 cents ... then BEPPA are worth $1 + accrued interest - a margin for delayed payment (present value discount).

This is because if the equity has any positive value ... BEPPA get a full recovery ... eventually. They would trade at a discount because of "governance issues".

Fact of the matter is that BBI are worthless. They trade only as an "option" on a future sequence of events that leads to some kind of positive equity position for BBI ords.

Fact of the matter remains that BEPPA are also worthless if anything goes wrong with the restructure of BBI. BEPPA are another "option" on things going right ... with priority over BBI stapled.

Dargie has made the point over and over again. The EPS need to be restructured. No, they really really have to be restructured. Once the death spiral acquires momentum ... bad things will happen.

As an equity holder ... DBCT, PD Ports and US gas pipelines are the assets to keep. All the others are assets to sell.

So, what are we doing ... selling the good stuff, of course. This is not a recipe for long term happiness.

/disc: some BEPPA