bnbg - what the?, page-4

It may also be of interest to others that on page 100 of the BNBG prospectus it states in clause 11.2 that:

"If an event of default occurs, and continues, the trustee may institute such proceedings against the Issuer as it may think fit on account of that Event of Default except that upon the occurence of an Event of Default under clause 11.1(a)(1) the remedies available to the Trustee shall be limited to taking action to Wind Up or prove in a Winding Up."

Clause 11.3 then states that the trustee shall not be bound to enforce clause 11.2 unless at least 25% of BNBG notes on issue request that it be enforced.

We are not yet in a period of default, that will happen 20 days after 15 May this year if no interest payment is made. In the worst case scenario, if we BNBG holders feel that we want the company to be wound up, we can try to get 25% of the notes on issue to do that. But since we are not yet in default, we have no power as yet.