Ann: Revenue Generation Recommences-KBL.AX, page-148

I think I said at the time that the directors had a responsibility to both the shareholders(KBL) and the noteholders(KBLGA). I used the term "unethical", not "abhorrent".

I would see it as unethical for the directors to solicit a TO bid in order to pay 1c in the dollar to the noteholders.

I would expect that the noteholders would want this TO provision changed prior to extending the term of the notes.

Had the GM not mentioned the situation, I myself and many other noteholders would have been unaware of the TO issue. Since then the KBLGA price has fallen, so KBL can now buy up its own notes cheaper and cancel them at a profit.