smh article, page-36

The issue of 90% of shares to banks in a D2E swap may well not be a change of control event. see clause 14.2 of appendix B to the prospectus for issue of bnbg.

Change in Control Event means each of:
(a) a takeover bid is made to acquire all of the Ordinary Shares and the offer under the takeover bid is, or
becomes, unconditional and:
(1) the bidder has acquired at any time during the offer period a relevant interest in more than 50% of the
Ordinary Shares on issue; or
(2) the directors of the Issuer unanimously recommend acceptance of the offer under the takeover bid, and
acceptance of that offer would result in the bidder having a relevant interest in 100% of the Ordinary
Shares on issue; and
(b) a court approves a proposed scheme of arrangement which, when implemented, will result in a person having
a relevant interest in 100% of the Ordinary Shares on issue.

hold a few bnbg only