I BELIEVE that it will not be diluted a lot (if any).Look at all...

I BELIEVE that it will not be diluted a lot (if any).

Look at all the facts:

1/ Bondholders are risk averse by nature.

2/ According to BBI IR 90% of SPARCS holders have held since day 1

3/ Bond Holders are generally sheep and do what their brokers tell them to do. I cannot see a broker willing to recommend converting to BBI shares in this climate.

4/ 10% return over the next 12 months whilst asset sales go forth is a fantastic proposition in this economic climate - especially when you consider point 5;

5/ By converting to BBI, they lose their preference in event of liquidation.

6/ BBI IR say that "to their knowledge" they have not been ordered by the banks to pay down corporate debt before paying out SPARCS.

7/ If SPARCS holders do nothing, they automatically roll over. How many people will not reply out of laziness and / or lack of personal organisation issues. I know I would.


I repeat - I BELIEVE that the threat of dilution is very minimal. All I can do is look at the evidence.