Ann: Interim Broadcasting Licence Fee Relief, page-9

Cant expect the major shareholders to guarantee but 4 years ago they did and not due to expire until Nov. They were happy to cap raise previously numerous times with promises to turn corner. Finally turning and they want to shut shareholders out by advising in 6 months time when facility is due they will not supply guarantees and follow this up with a legal threat to directors not to draw on the funds thus creating a VA situation.

I guess they should just sell the licence for real value (not what they have on the books) and clear all debt and give holders over 50c per share back. Bet Murdoch doesnt want that as he has been planning this move for years and just playing dumb like he is a victim.