your right, we were always going to get screwed. but it seems unfair that sparcs are getting shafted the most.
$100mil of sparcs will dissappear amongst all those new shares, atleast $700mil beppa will still have some value in a diluted company.
its unfair because sparcs is trading at 50c and was so close to $1 in november. people bought thinking it was a sure bet.
atleast with Beppa you bought in at 10c in the dollar.
if sparcs/beppa are both converted at same time, then sparcs is the big loser.
i still think the ann reads like sparcs/beppa will convert at face value, but then be diluted, to the point its no longer face value.
while "less than last traded price" refers to BBI ords.
Even under those circumstances, sparcs/beppa are both $1. so wether they get 10 or 15BBI share(subject to BBI sp at conversion), what would you rather pay 10c/beppa to get 15BBI or pay 50c/sparc to get 15BBI shares.
then if the newly diluted BBI shares traded at 2c or 3c, beppa return 20-30c(for 10c invested), sparcs 20-30c(for 50c invested).
im glad im not a kiwi. we beat them in cricket everytime and now we shaft the like this. arent we all brothers.
BBI Price at posting:
6.1¢ Sentiment: None Disclosure: Not Held
