The setup of a mechanism (the bond + the elf incentive program) which is able to be explained in a transparent plan for the coming weeks is central to the reasons why we have announced this structure ahead of any expected, but yet to be confirmed, announcements. ECT feels it is of prime importance to ensure that the market is aware of future plans (where possible) to reduce the element of surprise and reinforce a market that is orderly and well informed.
We also understand that as per prior announcements we have advised the market of expected date ranges where we think it is reasonable to expect certain key events to occur. As a result it was only fair and equitable for all (ELF borrowers and ordinary shareholders alike) to adjust the discount rate for that expected shift in risk aligned with prior guidance of these timeframes.
The market and ELF borrowers know where they stand for the next four weeks.
The setup of a mechanism (the bond + the elf incentive program)...
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