Okay can see that is probably how it works and am happy if that is the case and reasonably confident that it is.
In my opinion the explanatory memorandum is very badly worded and could cause shareholders to get the wrong idea and run for the exit resulting in a loss of capital due to drawing the wrong conclusions. I think Dom needs to provide more clarity as the way it stands the uncertainty with this deal could cause more angst than the 15% finance.
Ann: CM8 enters agreement to refinance debt-CM8.AX, page-158
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