the vote poll, page-3

mjgol2

You are correct on the fact that its going to be tough but look at it this way.

1. The debt syndicate didn't make an offer for the whole company because they new the offer was below acceptable level

2. The risk for the Debtholders is low. ie they are sitting on an initial gain of $240m at least. If the vote doesn't get up then they potentially loose most of that gain. All they need to do is up the price of the offer to 20c and they will make $160m plus the gain on flipping the assets.

3. The debt holders cannot afford the business to go into administration as they loose the control they currently have. That's why they were able to get to a position. Lets face it, trying to pull a deal together with 40 parties (being the debt holders) is tough unless not getting the deal looks really bad for them.

4. The business has generated some $20 to $40m in cash from the time they put the deal together.

5. The debt holders are not in control. the board showed this by threatening them to come up with a deal otherwise they will place the group into administration.

6. for an additional $80m (of which up to $40m has been generated) they would make money and some while keeping the shareholders reasonably satisfied.