Ann: Chairman's Letter to Noteholders, page-160

Unrelated thought:

Aurora probably have somewhat different motivations to the other noteholders.

Their ABW fund holds 8% AZZG and is now suspended on the ASX because of it. They appointed some new directors and a few days later made the decision to suspend at the end of Feb.

I'm guessing the Aurora management (who also run a bunch of other funds) would be pressing to get this resolved asap as it makes all of Aurora look bad.. If they got 50% of the 8% back and were able to trade again next week, I reckon they'd take it and it wouldn't destroy their performance numbers in the medium term.

If you're a noteholder with a substantial chunk of your money tied up in AZZG you're probably willing to be a bit more patient if you think it will allow you to get back all or most of your capital invested?

JC would need to find a way to either redeem ($24m approx) or get AZZG trading again to get Aurora off the scene - they are unlikely to agree to anything that will make AZZG remain suspended (and therefore ABW).

Thoughts?

cheers
pb