bbi share purchase plan 20% discount?

I have research from Aegis who are recommended security holders take up their SPP ALLOCATIONS.

They advised

1. Security holders take up new securities under the SPP as the issue price is ~20% below their valuation of the new securities.

2. The key issue confronting BBI is the successful implementation of its recapitalistion plan.

3 The alternative is likely to be administration.

4. They have a NEUTRAL long-term view pending the plan implementation but recommend security holders vote in favour of the plan given the likely alternative.

If anyone has any research or is able to provide any comments on what they are doing it would be appreciated.

Thanks