AFR Street Talk article just out, page-88

Nah I am beginning to think with nab and Westpac selling debt will be complete debt for equity swap with debt holders holding somewhere between 90% and 98% with rights issue and consolidation shortly after. Then suspect would split off UK and oz assets to maximise sale. Only reason not 100% is large number of sgh staff who own shares would flood the exit gates if that happened. Other shareholders are irrelevant and if was not for large number of sgh staff owning shares and staff retention one of top priorities for survival would be 100% wipe out.