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Moegreen

There are $600M worth of bonds on issue. If you go along to those bondholders and ask them to swap their $1 bond for BNB shares, how many shares do you think they are going to want for their $1 bond?

Personally, I would want at least 4 or 5 shares, so that would be 3,000,000,000 worth of new BNB shares. That's called dilution.

I suspect they may try to turn the bonds into some form of preference shares and stop dilution for now and still give the bondholders priority over the shareholders in the case of a winding up, but still give the company some chance of repaying the preference shares to avoid the dilution down the track if the company comes good.