melua's bbi restructure, page-37

ifandwhen said: "The Company has no interest in unlocking shareholder value for the benefit of BBIs Beppas BNB010 or BNB020 or Sparcs."

I think you missed the point yourself there... unlocking the sp to nav is not just for the benefit of the existing holders... it would allow a cap raising which could then buy off some of the toxic debt burden that the market is punishing at this stage of the cycle.

We've sen that access to large sums of capital such as required for a single purchaser of DBCT are potentially problematic in this environ, but access to a huge amount of small pieces of capital is there for the taking as witnessed by recent oversubscriptions to cap raisings by BSL (scaled back to 4x + entitlement) and AIO (scaled back to 2x + entitlement, plus an additional SPP for the oversubscribers, probably to be scaled back again).

Restoring the sp to nav is about enabling the option of a cap raising to pull us up out of the nose dive, not about making money for the existing holders.