Extract from 1.13 (p.17)
"However, the Directors consider that any alternative transaction will be difficult to implement given current market conditions and there is no guarantee that any alternative transaction would be concluded. Also, as stated above, if the Trilogy Sale does not complete and the Asset Sale Agreement terminates, Phillips River will be required to repay all amounts outstanding under the Convertible Note Facility within 14 days after termination of the Asset
Sale Agreement. If Phillips River is unable to repay all amounts outstanding under the Convertible Note Facility, SILVER LAKE, WHO HOLD A FIRST RANKING FIXED AND FLOATING SECURITY OVER THE ASSETS OF PHILLIPS RIVER, MAY CHOOSE TO APPOINT A RECEIVER WHO MAY SELL PHILLIPS RIVER ASSETS in order to repay all amounts outstanding under the Convertible Note Facility"
There you have it. Looks like pretty dire consequences for holders if the vote doesn't get up
Anyone else care to comment?
Cheers
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