bbi enters agreement to reduce debt, page-11

Dargie I think your on the money.

It won't work any other way as the 20 day VWAP will spiral BBI into nothing and not provide a definitive number of BBI's until conversion - eg 200 Billion @ 0.05c ea.

Maybe the offer that was made to SPARCS back in May will contain the conversion number ?
From memory it was 5 BBI / SPARCS max in the new agreement.
This would equate to 4B for SPARCS and BEPPA + the current 2.6B

To keep it equitable and get it across the line, all BBI, SPARCS and BEPPA holders would have to know up front what the CSI dilution was going to be prior to conversion, and then acceptance of the deal.

I will not be voting yes only to end up with equity for a bottle of wine (BNB note holder example) !

I would suggest that an acceptance by a SPARCS / BEPPA holder for conversion agreement, would be based on, and include the CSI acceptance.

If all the ducks are lined up in row by a certain date, then the deal will succeed, else it would revert back to the current status of who holds what, and then admin at some stage in the future when the debt repayments are not met.