sevpc, page-41

Previous posts say that TELYS4 appears better than TELYS3, if the scheme is approved. I'm not as sure about that, but 4 at least probably isn't any worse. My concern is, what if the TELYS3 holders vote "No" on their part of the scheme? It appears that any TELYS3 that get tendered for conversion to TELYS4 in the wake of a "No" vote would be held by Westrac, according to the prospectus. So the new hybrid could then be exposed to a small but non-zero risk that the Caterpillar franchise would be removed, or China could impose restrictions.