Ann: Recapitalisation Agreement, page-107

The UK con notes for £250m is interesting. It is interest free and if any amounts outstanding at maturity only nominal shares will be issued, so appear basically worthless without principal repayment, which obviously suggests they are very confident of realising those repayments

Con notes entitles holder to proceeds of Watchstone claims, proceeds of asset divestments and any Insce proceeds recd by Coy subsidiaries (UK) and non recourse to the Company!!

This might suggest they expect a settlement from Watchstone (maybe even just escrow) coupled with UK asset divestment to clear the notes as it is not feasible that they would have this debt without a rock solid clearance path and apparently no grab for any free cash flow or hold on other assets.

Looks to me like there is already significant plans afoot for SGH (structure) apart from the re capitalisation.....................