ann out: gxy reaches agreement with bond hold, page-20

That's very interesting Invertedva. Anyway, under the rules, if the bond holder acquires more than 20% he has to make a takeover offer, and I don't think he is going to do that yet. So he can only take a 20% stake from the unsubscribed rights. 20% of 1.1b shares is 220m shares. Multiply that by 8c = $17.6m. So hows he going to turn the rest of his bonds into 8c shares? They cant do another 8c rights deal just for him? It would have to be a normal placement and that would put him over the 20% limit?