I think you are on the money here Lucky,a bit late,It must be...

I think you are on the money here Lucky,

a bit late,

It must be very frustrating for RBS to have made four goes at getting a proposal considered.

There is deliberate timing and lack of detail shown here to allow flexibility once BAM is rejected.

This is a media presentation only to urge BBI holders to derail the BAM proposal. At least they are improving their communication skills, albeit a bit late.

BAM proposal is very well balanced towards achieving its aim, the 4c now appears to me to be more than BBI would be worth under the RBS deal after the hybrid hierarchy dilution spiral is calculated after debt.

Beppas are unlikely to want this higher level of hybrid debt now that their return is better placed in order of merit.

If it has merit, the large Beppa holders will vote it in by rejecting BAM, although BAM response to Bronte's moves have effectively made Beppas minds up already in BAM favour, which is why BAM went that way. Bronte may get their Managed Investment scheme after all, even though there are even more complications in doing that and a legal challenge from a different direction would be on the cards again.

The spiral would turn into a double spiral and it would be difficult to see how BBI price could rise.

VoR, you are right regarding 150% penalty to cash out RBS, although the % rate RBS want on their hybrids is comparable with present debt costs. Even so, it leaves zero cash for distributions to BBI's or Beppas for a long long time.

It looks like RBS have similar communication problems as BBIG PIG, we should have had these cash projections a month ago.

ifandwhen