If I was a Beppa holder (I am), I would like BBI to conduct an...

If I was a Beppa holder (I am), I would like BBI to conduct an on-market buy back at 50c, as it reduces debt and is a reduction in the money that must be found in MAR 2012.

My reasoning behind it is that if BBI are in a position to offer a 50c on market buyback for BEPPA, then BEPPA must be worth 1.24 odd in MAR 2012, as BBI would only be able to offer an on market buyback if corporate debt is cleared or reduced enough, to where the sweep facility is dismissed.

If corporate debt is cleared, the company will survice, thus making the BEPPAS worth 1.24 a pop MAR 2012.

So - in conclusion, if there was an on market buy back of BEPPA, it would mean that the company was basically going to survive.

I would rather wait until 2012 for the full value of the BEPPA (or have the opportunity to roll over at 10% than sell out at 50c if this was the case.