nothing has changed people!, page-41

- asset sales to pay off corporate debt
yes agree. im still in favour of full sale of dbct because its the QUICKEST way to realise NAV/shareholder value. perhaps longterm we are better off keeping it.

- dilution threat of BEPPA over BBI ords
removed. BBI are in total control as they always were. the clauses to convert all lay withh BBI to use IF and WHEN they see fit. Today was a very strong statement that dilution wont happen until 2012, or sooner IF its on their terms.


- servicing of BEPPA threatens the company existence
How is Beppa any different to any loan BBI has. they borrowed $700mil from US. They pay US interest. Then they REPAY us the principle $1.
Like they have shown with other loans, they refinance as they fall due.
Beppa are better because the interest rate is low, interest can be defered and its unsecured.

- BEPPA existence blocks the path for a capital raising
Not sure if we need a cap raising. but if we do, there is plenty of nav to protect shareholders. nobody would buy in close to nav only to see nav fall from beppa conversion, but BBI have room to move on this.

- cashflow will not pay off the corporate debt Feb 2010
they have said they can handle some of the debt, but some of the feb 2010 is still in negotiation along with 100mil pound pd port debt due oct 2009 and represents a concern.

coincidence that dbct announcement is due oct? share price spike, followed by extension of pd ports debt and feb 2010 debt, followed by another share spike, followed by november sparcs conversion at 20c :)

but ofcourse im being unrealistic. no bank will lend or extend a loan to a dog of a company like BBi. the fact that they have been able to extend many times already is evidence of that.