mac might pull the plug first

was just looking up when the installments are due

the first installment is due April 29, 2009 and the second is due January 29, 2010

the egm to wind up the company will be held on April 9

what happens if the company is wound up before the first instalment is due?

wouldn't the winding up of the company cancel the underwriting agreement

I have feeling that mac might use it's 8% to vote with Nicholas Bolton and the rest of the small investors who got caught out trying to get the divi without knowing what the two letters on the end of bcs... bcscb actually means.

that would leave the $94m bridging loan.

In the event that the company were to be wound up, debts would be paid first and mac would get their money before share holders

If however the company is not wound up before the April 29 then apparently Mac would have to pay the underwritten amount of the first instalment and pursue investors who chose not pay the ageed amount.

that would be a massive headache for them.

I reckon they will surprise everyone and vote with Nicholas Bolton.


anyway a lot of the issues are discussed here

http://www.brisconnections.com.au/Portals/0/docs/708980.pdf