My guess is that ANZ has taken the shares as security - in...

My guess is that ANZ has taken the shares as security - in effect a form of mortgage. The Board may have agreed that if there is any capital raising, these shares will be sold first, and any proceeds will go to ANZ first. By ANZ taking security, they ensure this, in the same way as if you see shares subject to a margin loan (or a house subject to a mortgage) - the bank gets its money first, the residual only comes back to the owner.

I - like everyone else - remain disappointed that the communication about substantive issues is extremely poor. Why can't they just say they will do a fortnightly update (say) every second Tuesday at 9am - even if the announcement is a null return.

I thought the communication problem was led by Rowe - but it seems systemic.

To the new CEO and Board - please start communicating - bad news does not age well.