Ann: Ausenco and RCF enter into Scheme Implementation Agreement-AAX.AX, page-22

Thanks for clarifying, I couldn't get my head around this as it is truly appalling. Zimi Meka presided over this gigantic cock-up he is the main one who really should be losing his shirt.
Shareholders having lost money hardly have the opportunity to fight but I feel the Takeovers panel should call bullshit on the discrimination.
It costs 2.5k for them to look into it + lawyers fees (unless you stab at it yourself) but after losing money who will be in a position to fight?
So much for looking after the interest of shareholders, I knew CEO's and directors are all crooks but this is so blatant.
He truly sold all his investors down the river what a snake in the grass.
Ultimately though if I was holding I am not so sure I would want the scheme to fail. Then again RCF holds 18% of the company and debt with exorbitant interest provisions. If they force the company to default then they lose, it's a high stakes game of blackmail here.
I don't think I would want to be in RCF's shoes, they should take their pound of flesh for supporting the business but this is obscene. I wouldn't be a party to keeping Zimi's snout in trough.