Ann: Issue of Placement Shares and Appendix 3B-KBL.AX, page-44

What a load of rubbish and a self interest perspective. Give it a rest...shareholders normally are the ones that get shafted the most and creditors rank ahead in every instance, bond holders get a yield shareholders hope for a dividend. Shareholder funds are 100% risk whereas bond holders hedge their bets and you want to call the "ethical" card?? Where is the ethics in not pursuing the best possible outcome for shareholders at any cost? Shareholders should be the main concern not the bankers.

So tell me this if you dare, what would your terms be to extend or simply convert your debt to equity if KBL was unable to repay you in cash?