Ann: EN1 On Track to End Greater Than 150% of 2018 Trading Update, page-66

The problem is EN1 have enough cash for pre paying and running till end of December. Using cash to pay for legacy debt takes the money away from business activities. If they use the loan to pay legacy debt them it attracts the 18% so the cheaper option is to use scrip.

I see it as an unavoidable situation until en1 becomes profitable enough to pay debts with profits. I don't think k we are too far a way from that now.