sparcs in nz like beppa

Well I had a look around in the BBI investor pack again and there are around $M113 of SPARCS hybrid securities (along with the $M700 BEPPA's - p19)

It appears that the SPARC were part of the PowerCo funding and with the Prime Inf takeover for PowerCo back in 2004, they picked up the SPARC liabilities which now sit with BBI.

The issue may be that the reset date for SPARCS is Nov 2009, and like BEPPA, these will be redeemable for cash or conversion.
The conversion to BBI securities is similar to BEPPA but with a 2.5% discount.

The conversion is at the discretion of the Issuer (Now BBI), but the way I see it is that BBI will have to redeem for $M113 cash in Nov 2009 or convert to BBI.
Lets assume the BBI SP is around 20 - 30 c, then there will be another 500M BBI shares issued.

I would suggest that funds from the PowerCo asset sale may be used to redeem SPARCS for cash, and maybe the new part owner of PowerCo this year, picks up some of the liability of SPARCS ?

For those that are interested, you can go to the PowerCo website, www dot powerco dot co dot nz
and put SPARCS into the search engine.