Ann: Zip A$400m Snr CNote offering to accelerate global expansion, page-68

Yeah....na. This deal is materially worse than APT's. Let me break it down for you.

• APT is zero coupon, so no interest payable for 5 years. Z1P will be paying interest which will accrue to the conversion date
• APT raised at a 45% premium to the book build price (which was the last close) we have no idea at this point what the book build price will be for Z1P (Could be lower than todays close)
• Z1P are raising at a premium to a price most investors here would say it already at a significant discount. APT raised at a premium to most would classify as a very "frothy" valuation
• APT raised 1.5bil. Z1P are raising 400bil

You might want to understand what you are talking about before you start passsing judgment on everyone else.

Notwithstanding I still think this is a brilliant deal for Z1P.