"I am now convinced they do care about dilution. Therefore, they will be trying their very best to avoid massive SPARCS dilution in November this year and BEPPA dilution in 2012. If BBI are $1 in 2012, there is no dilution to NAV. BEPPA converts one for one and $800M is reduced off the liabilities side of the balance sheet. Maybe management are thinking that can happen so leave BEPPA as is for now?"
This is what I've mostly been saying. BEPPA is due in *3 Years*. An awful lot can happen in those 3 years.
Dargie keeps assuing us all that BEPPA holders won't get a cent of hard-cash... but geez, honestly, 3 years is a super long time...
You guys seemed convinced a capital raising was required... but, looking at the books, this isn't the case yet... and there is no certainty that it WILL be the case... if they can avoid a capital raisiing, that might work out best.
Having said that, as a BEPPA only holder, I'd be VERY happy for BBI to dilute BBI with a $150M Cap raising.
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