They are ranked ahead of AHUG. But it is the fact that AFG has the mezzanine facility and has also provided a Letter of Support that makes it interesting. If it was some other lender with the mezzanine debt then AHUG looks very shaky; if Alleasing were to get liquidated AHUG holders would join the creditors queue and would probably get nothing.
However, the catch is this:
a) AFG wants its money back
b) to get its money back everybody with a charge, including AHUG holders, has to say OK
c) the AHUG holders will only say OK if they get enough of a pay out, and can threaten trying to enforce the Letter of Support - where AFG could be liable for the entire AHUG amount - if they are not happy.
So basically AFG has to broker a deal with the AHUG holders to get a satisfactory outcome for themselves.
ahug trading halt this morning, page-29
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Last
$1.63 |
Change
0.045(2.84%) |
Mkt cap ! $441.3M | |||
| Open | High | Low | Value | Volume |
| $1.60 | $1.64 | $1.59 | $1.514M | 932.2K |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3002 | $1.63 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.64 | 34057 | 7 |
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| Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
| AFG (ASX) Chart |