what do beppa holders think beppa is worth, page-31

BEPPA is cheap debt for BBI and BBI does not want to suffer dilution by converting BEPPA, nor does it want to use cash to payout BEPPA at a discount. I have no problems with that at all.

If BEPPA was converted at say 50 cents in the $ to a listed long term secured note with an increased coupon of say BBSW plus 350 points, the income being secured against the cashflows of NGPL or DBCT then I for one would accept in a flash. Considering most persons buy-in is less than 10cents, then that would equate to a 40% return pa (assuming BBSW +350bps equates to 8%).

Additional clauses may include redemption at 10 yearly periods or a step up of 100bps.

Note holders have acces to capital via trading the notes, no capital outflow to BBI, BBI balance sheet gains as only 50 cents in the $ of BEPPA is converted, equity holders can gradually buy back the notes and cancel over the long term as BBI recovers and the credit rating of the notes is assured due to the quality of the underlying DBCT income stream guaranteeing the note coupon.

Who loses out then?