a series of announcements - because?

MOD stake now below 10%

TOD cleaning up the past in order to move forward without legacy issues

AGM timed shortly after federal Budget I would guess with annual report ready for use in final negotiations with s relevant committee.

I would expect a capital reconstruction announcement soon - again now possible as MOD stake less than 10%

So option holders who take up offer could come in at 15c in a years time (with a reconstructed holding) and noteholders in 2012.

Yep I reckon TOD is clearing the decks for something yet to be finalized..