I see the point however it is the 6-7% dilutive range that is the more significant reference here.
Also, note the slight language difference (given the adjectives that have been thrown around, today):
* on May 2, the reference was to "55% of the lending group will be taking the amendment fee as cash". So, 45% of "the lending group" were expected to take their fee in the form of warrants.
* today, the reference was to "Lenders representing 58.4% of total commitments have elected to receive deferred amendment fees in cash".
So, yes, the statement was operational in nature. As for being price sensitive, arguably the only rationale to this is that the issue of the warrants is arguably similar in character to that of a placement (ie: each involves shares ultimately being issued either in lieu of something being paid for, or in raising cash). But given that they made it price sensitive, then they should have issued pre-market. It was close but not quite there as 43 trades were completed before the statement was issued (ie: and the trading halt started /then lifted). The number of shares traded during this time frame however were limited (~144,000 shares in a 46/46.5/45/45.5 OHLC banded range).
Looking at the later issued X/3B however, the maximum theoretical number of warrants being issued = 21,987,678 with pricing /conversion to be based on the FX spot rate at April 29, being 52.3 at that particular date. Currently, it is 50.95.
The warrants, when converted as shares will rank equally with the shares but otherwise are unsecured. Lenders taking this route will therefore rank behind the "cash takers" as the "deferred cash" payments here will be added to the various facilities in place, so therefore will be secured. Hence ranking above the interests of shareholders. So, it can be said that 41.6% of lenders measured by value have adopted an appropriate risk appetite both as to (*) the likely uplift in future share prices, (*) the continuation of SGH in business, and (*) the certainty of their position (ie: no security in place). Conversely, 58.4% of lenders, measured by value have opted to take their fees as "deferred cash" (so liable now but deferred as to payment until much the same time as when the warrants will convert) but otherwise secured as to their payment, including ranking above the shares and the warrants. But as to whether this outcome warranted a price sensitive announcement being issued was likely doubtful except with all the knocks thta they have taken, they were probably being overly cautious.
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