Wrong. You've ignored a key word from the quarterly report.
Bondholder and Nedbank standstill
As disclosed on 4 April, in order to provide the Company with time to resolve the Potential CNNC Option and progress the Restructure Proposal or a suitable alternative, the Company has been negotiating amended standstill deeds with its major bondholders. The effect of the standstill agreements is that the forthcoming payments due upon maturity of the 2017 Convertible Bonds and interest payments due under the 2017 and 2020 Convertible Bonds will be deferred with the consent of a binding majority of holders of the bonds. Standstill agreements are currently in place with bondholders representing 77.3% of holders of the 2017 Convertible Bonds and 91.0% of holders of the 2020 Convertible Bonds.
Because a majority has been reached, the consent to defer is binding on ALL bondholders so no payments due to any bondholder in April.
Ann: Bondholder and Nedbank Standstill, page-78
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