Thanks BB,25.8M SPARCS can elect to convert in Nov 2009. Conversion price will be determined by the "20 day average price prior to conversion date" as it was on Monday.
The remaining 120M SPARCS have to wait until May 2010 where the process will be identical to what happened this May. They can elect to convert or reset for another 12 months.
wow bbi up 10% in 10 mins lol
all due to the announcement about gascan.
pardon my ignorance, but what relation is gascan and IEG to bbi?
(edit)
ok wait its kinda going a bit nuts 0.095 already....
do you reckon this is a pump and dump from the news.
(edit2)
haha its only been a minute, ppl dumping already
The gascan announcement is a bit of a non event.
The price is probably up because long term holds are accumulating again after the large price drop last week.
And there hasnt been any more bad news, lol
And the article in todays AFR...
And, to some extent, possibly the article in yesterdays AFR... but that wasn't overly positive. Today's seems nice and positive though.
BEPPA has gone from 1 buyer per 1 sell to 2.2 buyers per 1 seller
BBI has gone from 1 buyer per 2 sellers, to 2 buyers per 3 sellers...
Both up over 7% today.
Perhaps BEPPA will never hit 10c again...?
Many recent asset sales start off at 49% and end up at 100%Could post a summary of yesterdays article?
Or perhaps someone else will be able to post it.
Im just glad to see some green hopefully at the very least, it finds support around these prices and doesnt move lower unless more bad news is forthcoming
The SPARCS related selling will probably start hitting the market in a couple of days. The new BBI certificates have been posted and once they hit the homes of ex-SPARCS holders, I would imagine some pretty heavy selling pressure on BBI. We can expect weakness for the next few weeks I would imagine. After that selling is mopped up by the market, the focus will return to the sale of DBCT.
Short term I am negative. Long term very positive.
beppa closed near its high for the day. bbi closed at its low. the closing auction seems to kill bbi everytime. afternoons in general are weak.
good to see beppa holding onto its gains, perhaps the gap between the two SP will widen.
people are mentioning the downward pressure the sparcs conversions may have in coming days, but will this be compounded by end of financial year? locking in tax losses?
Imagine a 11 cent / 6 cent swap, and then switching back again at close to parity once asset sales are announced!
Imagine a 11 cent / 6 cent swap, and then switching back again at close to parity once asset sales are announced!
Dont you mean IF the asset sales are announced? Nothing is certain especially when it comes to debt laden companies.
Then on Dec 24 (Christmas Eve..... I remember it well) I sold those 235,000 BBI at 9c and bought 250,000 BEPPA at 8.5c.
I also sold other BBI's I had on Christmas Eve and converted to BEPPA at a half cent discount. Money for jam back then when all the panic was on.
Totally.they miscounted the sparcs conversion requests. subsequently more sparcs have been converted then originally announced and more BBI were issued(more dilution).
beppa is definately the one to hold these days
Totally.
10M more BBI on issue. Will totally dilute the 2.6Bn BBI shares on issue.
(Though, in the next couple of days, it MIGHT affect the SP as most of these 10M people consider selling (to put it into comparison, 55M BBI sold yesterday), but not really total dilution)
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