todha takeover offer, page-12

I cannot understand why anyone would accept this offer.You would be exchanging a first mortgage for shares in a Newcastle listed company ( The NXS is hardly liquid and,in my opinion , is a joke).So, you would be exchanging your illiquid first charge for illiquid stock on some 'joke' exchange and you also give the shareholders of Hamilton Sec. a free ride as you are diluted. It is lunacy.
And for what other advantage? Hamilton will still have to fight PWC and will still need to negotiate with the growers. And yet,apparently, some 6% of Debenture Holders have apparently accepted. They must be as loony as the Great Southern timber growers who fell for the Project Transform 'shares for trees' trick. They lost the trees and the shares are worthless.
Just my opinion of course and I am a total dope.