Not sure, assuming my new figures are correct, they should be...

Not sure, assuming my new figures are correct, they should be closer to three cents, but then the death spiral starts.

There is still value in BEPPA however.

And if SPARCS and BEPPA convert together instead of consecutively, it gives an extra cent per BBI.

There is no possible justification for continuing on with this recapitalisation if such a death spiral is created, there is no benefit whatsoever for any shareholders.