Ann: APDC Group Takeover Bid - Bankwest Default, page-9

It's not clear to me how this default notice will affect things. The Bank seems to have demanded the accelerated repayment of the debt owed ($29M) based on the change of control. That in turn affects AJD's capacity to pay the special dividend from its own funds, since it had to borrow $3M in order to pay the special dividend in the first place and is not allowed to borrow any more funds under the terms of the bid. The terms of the bid, however, were that the special dividend would be paid. However, I note that the bid implementation agreement refers to the special dividend being 'permitted' not obligated. There may be issues arising from the warranties made by AJD to NXT as to the liabilities that AJD had. Query, whether the potential for the acceleration of the repayment of the Bank loan was a liability that AJD disclosed to NXT. 

It may be the case that NXT is quite happy for the Bank to make that demand given it could result in the special dividend not being able to be paid by AJD.

There are a lot of questions and not necessarily a lot of answers as things stand.