It's very understandable everyone is upset about being re-shafted by AET&D#1.
The difficulty with solving this issue is the upcoming debt maturity. Any solution to the problem would require the stumping up of $560m to remove the Westnet Facility.
imo (non-expert) a number of the larger ex-BEPPAS (XB) should put forward the following option:-
Existing holders can accept 3c per XB, or choose to purchase a $0.85 listed convertible note (10% coupon), and have 1 listed share in new-BEPPA for each XB.
The convertible notes will have a condition that they can be redeemed at $0.90 (+interest) should new BEPPA be able to sell assets and repay the notes.
The debt burden is removed, and those that believe in the future cash-generating abilities of these assets will receive any upside.
In reality, I would expect most investors who can find the cash to purchase the notes. The upside is considerable so I expect the convertible notes and relisted shares to trade at a premium, and you can always get your cash back by selling the listed securities as soon as they are listed.
That's my 3c worth.
PIH Price at posting:
0.0¢ Sentiment: None Disclosure: Held