Openup2ndfrontwithASIConthatangleA-N.What I read is not it is in breach of its obligations, but it may be in breach of its obligations, which is very different, something which could happen in the future, and IMO, a way to justify the CR. I agree they need to explain it.
I'mpursuingtheanglethatOELhasputoutadefectivenoticebyfailingtodisclose(thecovenantbreachaspectofthecreditfacility)information"thatareasonablepersonwouldexpect,ifitweregenerallyavailable,tohaveamaterialeffectonthepriceorvalueofthesecuritiesoftheentity".Prettysuremostinvestorswouldnotseekoutshareinvestmentswherethecompanyisfacingpotentialdefaultfromacovenantbreach.
ButlikemostthingsI'mnotholdingmybreath.
As for the motives, you can use :
(f) (forecasts) belief not based on reasonable grounds
(l) (offer materials) misleading or deceptive
A-N
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