There is a good chance there will be heaps more SPARCS converted this November, Say AUD 100 mill+
The recent 50% conversion opportunity was an obscure thing hidden away deep in the mind numbing prospectus, The SPARCS are shown on the NZX as expiring Nov 2009 so as that date approaches holders will look to what they have to do, Also BBI will be poking the 10% reset offer in front of them, triggering a look at their options regarding getting out of "Babcock & Brown"
Average Kiwi accountant if asked if a client should extend their "Babcock & Brown" notes would probably say "I thought they have gone bust, but if they haven't & there are still some shares trading,grab the shares & sell them post haste"
The only thing is, that holders have to opt to convert by end Sept, so some tardy holders may get rolled over by default.
Cheers
BBI Price at posting:
7.6¢ Sentiment: Hold Disclosure: Held
