market cap and nav, page-89

"Where's all the extra money gone..... additional funding costs."

I agree.

"I don't see a clear way forward, 100% DBCT is disneyland to me. SP would not be at 6c, consider how many people are involved in the transaction Macquarie, BBI, Bidder etc. Are we to imagine that there is a good offer on the table (2.4B+) and no one is letting the cat out of the bag. "

Even if you had inside knowledge that DBCT will sell 100% for say $2.6bil, what does that get you? Would you rush out and buy BBI@6c?

The reality is $2.6bil adds about 30c to NAV, so you would expect a rise in share price. But the sparcs convert and that NAV is gone again and your back to where we started, only less debt/risk, so perhaps slightly higher share price.

But then you could have 3-5bil BBI issued for BEPPA holders, and NAV plummets to 25-35c, and BBI plummets along with it.

So inside knowledge of DBCT would be helpful, but without knowing sparcs/beppa future its hard to place a large bet.


"More likely a partial sale plus capital raising to temporarily sure up the situation. I am happy to be wrong, I hold some Beppa and BBI but I would be genuinely shocked if there is a 100% DBCT sale."

I agree that the lack of whispers is a little concerning, not necesarily negative outcome, but certainly means this sale is dragging out far too long and might not be at a point were a leak is possible...sigh.

BBI did express a preference to 49% sale, but one would hope that with europort not selling well, PD Ports stalled, NGPL not offered up, you would hope that in the best interest of shareholders they are negotiating a 100% sale.

I'd prefer a 100% sale at $2.4bil than a 49% for $1.3bil.

A capital raising would mean death to current equity holders, and even if you ignore existing holders, still isnt possible until share price is significantly higher.

Wouldnt they be much better selling 100% DBCT, then in future IF/When share price is higher do a cap raising ? they can then buyback into dbct or similar asset, if they are that concerned about selling 100%?