The majority of the retail ownership in BBIDA (PIH) would be...

The majority of the retail ownership in BBIDA (PIH) would be those that have had their BEPPA converted as their cut when converted would have totally swamped any and all of the ex BBI holders

All others paid $5.08 per PIH, so can anyone really see Brookfield selling their 40%, or the instos who paid 5.08 selling, or the participants who also paid 5.08 in the SPP selling, yes some of the SPP shares I would think are being sold but I would also think no wholesale dumping as remember this stock is now on a completely footing and nothing like the old BBI that was consumed by their debt burden and the SPP buyers would have entered knowing that this is not a spec anymore and will become a long termer divi stock

So the traders or the sellers we are seeing right now I would guess are mostly the ex BEPPA holders and maybe, just maybe they are the ones that have got it wrong

The multiplier from BEPPA to PIH is 0.072072, an example is 1mill BEPPAs turned into 72,072 PIH's (as also shown in The Intelligent Investor article I posted)

The conversion price of BEPPA was calculated at 0.365 PLUS the divi of 0.062 to be paid shortly

This current trading in BBIDA really smacks of the ex BEPPA holders converting their BEPPA price (without allowing for the divi they are receiving factored in) and actually subtracting the divi payment of 0.062 from the 0.365 amount per BEPPA which would then give the amount of 0.303 per BEPPA

If then they have converted their incorrect BEPPA price of 0.303 and divided by the same factor of 0.072072 they would end up with the equivalent BBIDA (PIH) price of $4.20 then if this is so, and that is what I suspect is happening, they are the ones that have got it wrong ---(this is what the calculated figures are suggesting ATM)

So who really knows ATM who has got it wrong, the above example is just showing what would be happening if people started their conversion with the incorrect amount

And Melua for you to state "Just another recommendation Intelligent Investor got wrong" you especially know that no one really knows till the fat lady sings as even a couple of your signatures from the earlier ex BBI days show:

"Would you sell multiple global infrastructure assets that have free cash flow of around $250M a year, regulatory protection of 75% of its revenue, net equity after debt of $3 billion and solid growth prospects for a lousy $160M? Well, those that are selling their share of BBI at 6c are doing just that. Maybe I'm wrong but I'd say it's madness."

"Would you sell a stock that has net equity of $1 per security on 82% regulated infrastructure assets for 5c? I think it's madness.
Some think it's too risky. I say look at the facts. Unimpaired quality assets conservatively book valued at $1.00 per BBI security, net of all debt."

I would rather make no predictions here but just do try to look only at the facts and the conversion of both BBI and BEPPAs to BBIDA (PIH) seems to be a very confusing one for an awful lot of investors