Once BBI has some cash to deal with Beppa, and assuming it is quite limited, I wonder if rather than attempting to buy back Beppa, they should start paying Beppa dividend arrears. Just enough to give holders confidence in the company to _keep_ paying dividends into the future. My reasoning is that if they do this it will be easier to convince holders to roll-over rather than convert - and this would be especially true if they didn't resume dividends on the ords.
Unless they can buy back at least 50% of the Beppa, i fear that strategy is doomed to failure in terms of protecting against massive dilution.
BBI Price at posting:
8.0¢ Sentiment: LT Buy Disclosure: Held
