The convertible notes mature on 28 December 2010. At that date,...

The convertible notes mature on 28 December 2010. At that date, EPG has to pay out 35 million euros.

"Redemption at maturity: All outstanding Notes at maturity shall be redeemed in cash"

EPG was obviously hoping to get that money from the French listing, but that's looking rather shaky in the current climate. So my guess is that in two years and two months, EPG will be insolvent - unable to redeem its notes - and Transcor Astra will acquire its assets in the wind up, leaving nothing for shareholders.