sparcs noteholders meeting, page-21

There was an arb opportunity in SPARCS where you could buy them at 15c in the dollar very recently. I didn't bother going through all the dramas of an Australian resident buying NZ listed securities because I thought the vote was a certainty to be YES. How wrong was I?
By converting at say 10c into BBI, a $5,000 investment in SPARCS has resulted in receiving approximately $30,000 worth of BBI.
Those people will no doubt sell and lock that windfall in.

dargie,
The NZ networks bonds (BBN020) are listed in NZ. I note they were issued in 2006 at 8%. They were later adjusted to 8.5% when the Moody's credit downgrade was issued on BBI Corporate.
The NZ exchange says they mature in 2012. The Annual Report says Nov 2010. Which is correct?
I ask because they are a senior bond trading at 42c in the dollar and are ranked equally with the banks debt.