afr articles, page-16

Whitehouse

THis company has been wrapped in a 'cone of silence' for 6 months too long.

The banks are obvious;y concerned about their capital position and are worried about taking a haircut as well but are trying to distance themselves through the 'consultancy' of Korda Mentha & 333 (so they don't appear as shadow directors).

You can reasonably assume that this consultancy is being engaged and paid by BBG so no adverse claim of contributary negilgence can be made back to the debt funders by the shareholders.

Would you believe...we still don't even know if there is a market cap clause as a Condition Precedent in the debt facility as this is not a mandatory disclosure requirement. However its fundamental to the current game plan as it can change Sycamore's dealing position in that the board would be quarantined from deciding to recommend on any unconditional TO offer without senior lender concurrence.

This ugly spektre is a disgrace to corporate governance.