Ann: Completion of Sale of Eastern European opera, page-3

re: Ann: Completion of Sale of Eastern Europe... OK, as a hybrid holder I'll bite. Tell me, how do you think management will fund said substantial capital expenditure? Your email notes the difficulty of access to credit, so we are agreed that debt won't cut it. On the other hand, PPX cannot raise equity without the cooperation of the hybrid holders (and who would buy ordinaries when they are subordinated to $285M of hybrid anyway?). So, where is the money? I don't see how the hybrid holders are forced to compromise.