It should be noted that under the proposed DOCA the existing Bondholders and EDF receive 70% of the shares in return for forgoing approx AUD$851m of debt. This equates to 71 cents per share. So these shares, which many posters have said are being stolen from them, are in fact costing the bond holders quite a bit!
The biggest winner here will be those who take part in the USD$115m new bond issue... who receive 25% of the shares. A very high price for very risky debt.
rigomortis, I'm not aware of any share issue taking place, so there should be no further dilution of shareholders. Please direct me to the page of the DOCA if i've missed it.
It should be noted that under the proposed DOCA the existing...
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