I agree this is bizarre but in the end you have two parties that...

I agree this is bizarre but in the end you have two parties that are putting up deals that are not good for the common shareholder.

Having said that shareholders are caught between a rock and a hard place.

Entities that are related to the major shareholder are asking you to approve debt conversions that effectively blow the common shareholder out of the water.

Their report is saying do this or the loans may be called in and so may Macquarie.

On the other hand the companies biggest competitor has lobbed an opportunitic offer in designed to either get control cheaply or cause serious damage to it competitor.

If the world was a nicer place given that the company appears to have turned a corner the existing group should alter their terms of debt conversion and leave something on the table for other shareholders.

I have followed this and Teys from the sideline as I think the industry has legs but both have had their issues.

Good luck on your holding. The key it appears is what the 2nd and 3rd major shareholder does.