Ann: 2016 Half-Year Results Presentation-BLY.AX, page-17

Obviously.

However, how much of this is baked into the price?
I'd say at 4-6c in Jan the company was priced to fail, any deviation from this pushed it up.

At 12-15c it still is under cap raising pressure because the debt issue was always on the horizon.
I think the price has found its level based on current circumstances.

Yes CB hold all the cards having 49.9% of the ordinary equity, another ~15% preference shares and two term loans on the debt side, a few board seats. Not sure why anyone is surprised by this?

Surely action will be on the 2018 notes. CB already tendered for about 100m of them when the recap happened. They probably paid a premium cos I'd guess they were non-callable. About 2 years out from redemption maybe they can pickup a bargain?

They keep putting up the same debt graph, shift that big tower from 2018 to 2020 and beyond and this has plenty of runway to fly. Costs look to be under control.