"Seems like there is now a fourth – exchange ordinary shares...

"Seems like there is now a fourth – exchange ordinary shares based on $14 per unit value. I hope the offer document fully discloses why this exchange route is being used rather than the one in the SPS Terms."

I doubt we will get a better explaination than the one the provided today. They can only issue 15% in any one year without shareholder approval. Shareholders will not approve converson at face value as it wipes them out. They'd rather lose everything. And the alternative is to no convert at all which is as per the PDS and looks like the likely outcome now,

Interestingly the RE update said they havent formed an opinion and stay tuned. This is important. They need to show their true colors. If they recommend the deal then I think Graham has a point about the RE independence/conflict. And will help Grahams cause.

But RE could very well come out batting for us. Tell us it's below fair value. Not accept. etc. But then we remain locked up perpetually.

So the RE statement will be the next interesting ann and PPX also hinted at fighting the requisitioning group.