Yeah I understand that, but the banks are only concerned about the LVR as it affects there loan covernents and thus there balance sheets.
If the offer was as listed above the banks will make a premium on the intial shares issued to them at the time of the re-structure, there LVR ratio's problem would be fixed and they would have a new cashed up client to do business with, they win all around.
businness spectator atricle of rumoured offer, page-3
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