Ann: First Quarter 2018 Results, page-32

I'm unsure when they might implement a consolidation. Would they do it whilst the solvency risk is still high? I'm unsure. Does ASIC have to approve? I don't think it would be 'good', 'proper' or 'reasonable' to implement one whilst the solvency risk is still very high. I know SGH did one when they were on the brink, but at the time I don't think the solvency risk was as high as BLY's right now.

As for the dumping I think the motive now is just plain old risk management; i.e. the dumping volumes from creditors are commensurate with their perceived forward looking risk. As BLY's position improves, the risk of insolvency reduces = reduced dumping, and vice versa.