One alternative for the BEPPA holders is to vote it down and then do a quick fire VA in which money that would have gone to the ordinary shares goes to the BEPPAs. Under the current deal (which may or may not be available still whilst in VA) there is a 12 cent per BEPPA transfer to ordinaries. Seniority enforcement within VA would see that flow back to the BEPPAs.
Whilst ever the BEPPAs are impaired in any proposed recap the ordinary shareholders should be grateful for anything that falls their way.
Ordinary holders would appear to be foolish to vote down the recap - but for the BEPPAs, the story is decidedly more intriguing.
BBI Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
