Now in play..., page-14

Barry, spot on.

The biggest risk to mgt are around the conversion of those 6m con notes as that would take the JG/Polo stake to ~52%.

Further dilution is a very distinct possibility if this is the case to balance back the power to Dixon and co. Either way they will rely heavily on small / medium share holders voting with them. I expect they will but it will be critical for all holders to vote either in person or via proxy.

The other big unknown is possible legal proceedings. Naturally this wont be cheap if it has to go ahead.

As I said above the only good scenario here is if JG takes his medicine and sells out. As it stands, even the holding he has in Mazil has the ability to cause a lot of heartache relating to future resolutions.