Stokes has already said he wants TELYS3 rolled over into a 4 on...

Stokes has already said he wants TELYS3 rolled over into a 4 on similar terms (ie another 5 years) and the way the merger is shaping in 4 years time he will still expect that Telys money is part of the his business funding. Now he is in the best possible situation to redeem (as would be the right thing to do because they were never supposed to be stepped-up except in exceptional circumstances) but no, he just loves having money to speculate with. He loves buying things, loves using other peoples money to do it and knows he will never be able to raise this sort of pseudo equity/debt again if he pays it back. Telys are now part of the furniture at seven I'm afraid.

goodluck