Pro and Cons, page-3

Thanks for responding Oranje

Conversion of debt to shares has occurred in a number of coys I have held.
You are correct that EWC hasn't mentioned the conversion of debt to shares.
I am speculating that it could be used as a device for Elliot to get to 51% if he were under attack.
If you look at the notice for the reappointment of B Allen we see 56.63% for and 43.32% against
If another 7% of all shareholders were to change a future vote for a director then we would have 50.32% against.
My maths tells me Chandler/Orchid must have voted against.
I'm not a student of the Australian Companys Act but I assume a simple majority is all that's needed to remove
a director.
Elliots directors declaration at 19.10.15 declares he and I assume all related entities holds 649M shares (rounding up)
or 37%
I took the position of what would I do if I was Elliot and that 7% quoted above or more swung against me.
The Slipform debt is the immediate weapon at hand I would reach for.
If Elliot is legally precluded from voting on a conversion of debt to equity then it would not occur.
I am concerned that Elliot and Chandler seem to be in conflict. You may have a better handle on that than I.
Waiken