yarraman revises offer to 26.5c per share, page-6

noteholders will get some sort of Y securities, in theory this should be a replacement convertible. However Y will be so loaded up with debt there will be no chance of ETW covering interest which means they will have to issue more scrip and dilute even further.
ETW would be better off to issue its own scrip and pay off ANZ - a much better idea, but cannot issue more scrip due to the prefs and notes. This is why they need to restructure the prefs + notes before they can tackle the debt problem.

market only half swallowing this offer, by tomorrow l think it will be dead. At least the price is up a bit.