sevpc, page-43

Maybe someone can help clear up a couple of points for me.

1. In the Scheme Booklet it states that if the share scheme is implemented but the TELYS3 scheme is not then the TELYS3 will for all practical purposes become cumulative. It also says that if Seven has funds available and there is no TELYS4 div stopper in place then they will pay a dividend. What is the additional risk involved in keeping TELYS3? Even though Seven becomes a subsidiary of Westrac wouldn't they still have operating profits? And for what reasons would someone still want to convert to TELYS4?

2. The Scheme Booklet also says that if the Seven constitution is not amended by 24 October 2014 Seven will then redeem them for face value. What is required for the constitution to be changed and how likely is it that it will be?

3. Is there any possibility that what they are doing is in some way a trigger event allowing SEVPC holders to request conversion/exchange?