recap, page-15

hi ginv, using your example say they issue 1800m shares to debt holders leaving 204.8m for ordinary holders so debt holders now have 89.78% of the company.

the next step is to work out what the NTA is per share (unit) so we know what kind of value each share represents. Becton may take a different approach to justifying pricing but the end result is the same if debt holders take up an 80% - 90% holding.

The current net assets are negative 30m, after removing 80m of debt it is then +50m. Using the 89.7% assumption there are then 2004.8m shares after then new issue, and Net Tangiable Assets per share is then 50m / 2004.8m = 2.49cents per share. So at 80% for debt holders the new NTA is around 4.8c / share and at 90% it is around 4.8c per share.