Management and Value Creation. More to come?, page-16

The deal gives IMC 43.1%, so 2 creeps ie 12 months is close enough to outright control to commence an unconventional TO. A loan from IMC without the options would be the only way to avoid insolvency. No SH meeting would be needed so it could be done in the time between the meeting and the bonds falling due. In my view they will do it, IMC has massive skin the game and will lend the money. Interest on such a deal would be higher but as the POO lifts and all the positives that freida and others have detailed come into play the company could afford to have a RI without advancing IMC's control to the point where they effectively could TO the company.