It appeared my interpretation of the statement at the time (Saturday 05/09/09) was close. It was a great pity I did not follow it up on the following Monday due to various reasons ( one of them was surely the BNB story, lost a sizable amount, and it did not attract any attention/comments at the time either, unfortunately (I hold only a small parcel of BBI ordinary, did not bother to switch at the time - big mistake).
Post 4451331 (05/09/09) In the announcement: “The value outcomes of the transaction for BBI ordinary security holders, EPS holders and SPARCS holders are not certain and may attribute a value to those securities that is less than face value or recent trading prices.” Given the recent trading prices of both EPS and SPARCS are well below their respective face values, I cannot see the point to referencing to their face values. Could it mean “less than … recent trading prices” was referred to BBI ordinary security whereas “less than … face value or …” was referred to the EPS and SPARCS. If this is the case, BEPPA may have more value than most have thought here if the deal does go through. (My wishful thinking - of course) Dilution is the nature of any recapitalisation, no surprise, just a matter to what extent – I guess.
BBI Price at posting:
5.3¢ Sentiment: None Disclosure: Held
