Just had a thought. What if the banks are intentionally trying to ride this into a trigger event for BNBG holders? Lets say we get to Tuesday and there is no announcement and we as noteholders rub our hands and say, "Great! lets cash in and get our money back at face value". But, instead, BNB say, they can't pay us our money but are happy to exchange for shares instead be able to instead. Whilst this could be good for noteholders, who then flog the shares on the market and pocket a nice profit (depending on where BNB is trading), it also instantly removes all of the 600 million in debt. Lets be honest here, BNB are hardly going to care if they dilute some of the shareholders at this stage - they've already said that the shares currently have no value, so what is there to lose? Its essentially a debt to equity swap for the noteholders.
The prospectus states that on a trigger event, noteholders can request repayment and that BNB cannot force us to accept shares instead. It doesn't mean they can't come back at us and offer us the shares as an alternative.
What do people think? Would you take the exchange rather than repayment?
BNB
babcock & brown limited
