That's what I call hi-jacking the bank, either the bank get out and leave behind a pound of flesh, or they go down together. Ouch.
Another idea someone raised today, the new lenders can chose to do DE over a period of time. And from the looks into ASX rules, new issues of equity <15% of existing shares, does not need approval from the shareholders. Potentially, they can do 14% each year without shareholder approval... Any one see this as a easy way out for Anchorage? Just to save the trouble for getting shareholders to vote (which they need 75% pass to get DE), and after they have shown the ship is stabilised and on a good track, they can easily pass more DE requirements, or just get SGH to pay back the debt which would guarantee them 400%+ return anyways.
SGH Price at posting:
12.3¢ Sentiment: Hold Disclosure: Held
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