Ann: Market update deleveraging plan, bank covenants, guidance, page-4

I'd be interested to understand how the leverage works. I don't see what it allows Bright to do that they don't control anyway.

Is there any instance where it would allow Bright to make a stronger claim on Synlait's assets in the event of Synlait going under?

I'm curious if there are any implications of this that might allow them to circumnavigate A2M's blocking stake on certain issues.

Apart from those possibilities, A2M's silence doesn't bother me too much. It may just be a case of allowing the company who controls Synlait to wear the cost of cleaning up Synlait's mess.