I just noticed that the above would exceed the 25% placement...

I just noticed that the above would exceed the 25% placement allowed by the CCU management.

A more probable outcome would be :
- CBA converts $7m of loan to CCU shares bought at $0.085.
- In which case CCU sheds $7m of outstanding debt ($23m -> $16m)
- Total CCU shares becomes 329m -> 411m
- Shares diluted 25%
- SP becomes : $0.085
- CBA gives CCU more time to stabilize production with a more realistic repayment schedule for outstanding loan
- Potentially existing shareholders will be able to participate in a Share Purchase Plan.

Again, just trying to anticipate.