The point he is trying to make is that if they can not be repaid in full then some will have to convert, if shareholders do not allow them to convert (i find it strange that shareholders have a vote at that point) then they must be paid out if the can not be paid out then as they are secured then the banks will call in the administrator as the debt has not been paid, hence SH would be forced into the vote
centro hybrid scenario testing, page-31
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