Ann: Chairman's Letter to Noteholders, page-174

@damascus

Why have you been so quiet?

A rational noteholder (prior to the $US250M announcement on 7 September 2015) that owned notes and wanted them redeemed had no way to do so - as there was not enough liquidity to sell them onto the market.

If AZZ traded above $0.66 they could very easily convert and sell them to the liquid AZZ traders. This gives them the ability to exit (without needing to redeem which AZZ would need to fund).

The conspiracy part (that is yet to be proven or unproven) needs to be investigated.

I do not understand how something with a book value of $3.666M ends up with a buyer willing to pay $360M AUD - 100x the book value....