I don't think you are bagging SPA.ASXIOU highlighted an...

I don't think you are bagging SPA.

ASXIOU highlighted an important point.
Obviously - BP is confident that they can achieve the EBITDA targets for the Performance Shares A & B to vest.
A good thing for us and current BP owners.

The only numbers they have going into an IPO is the audited June 2013 figures. At face value it does not read well and its always a risk that an IPO may fail or has to go at a lower price - more shares issued and more control dilution for them.

With the performance shares issued only if terms are met - good for new shareholders and obviously more shares (%) for management. It does give them room to move (in terms of issuing shares in lieu and therefore diluting their holding) if they should choose to gobble up smaller players.
Paying lowish EBITDA with expensive scrip is the way to go for accretive earnings per share - leading to higher sahre price.

BP has alluded to participating in consolidating the industry. You'd imagine that they are a number of little groups not unlike BP operating in the cloud space.

I don't have a problem with a reverse takeover in this case. This is not a ramp - common sense tells me (and ASXIOU) that BP must be very confident with easily achieving the target EBITDA. First half result in Feb 2014 - I am hopeful of a positive surprise.