itinerant - Not sure, havent done the nimbers but if you are...

itinerant - Not sure, havent done the nimbers but if you are correct, it seems like a super deal for Glencore. I just skimmed through the annt and relied on the analysts reports, however my munderstanding is that the option to convert loan to shares is with YTC.....your assumptions are based on YTC being unable to pay back the debt facility(ies) it seems. I am banking on the fact that they can and glencore will need to work harder to get 1/2 of YTC. Could be wrong.
I am also surprised that analysts were pretty upbeat about the deal, the way you explain it is that whilst SH's will be rewarded the LT upside is for glencore with board rep and subsequent t/o.