From memory, the original recap proposal was opposed by 30% of bondholders, which is the equivalent of just over 20% of the current register. So there are potentially holders of more than 1.5 billion shares that don't want to be there. We could see a moment of market capitulation if they all panic at the same time and dump their holdings.
Ann: Appendix 3B-AGO.AX, page-9
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