Waterford, and related parties, control all the debt that has been drowning the company (13% non-cash interest).
This means that any restructuring of the debt means that the equity is worth the goose egg (apart from any generosity to get restructuring vote through).
Expect that share purchase is aimed at ensuring restructuring vote approved by shareholders ... and they will end up with 90-95% of the equity.
Can't imagine how this can be positive for SP.
Ann: Change in substantial holding - Waterford, page-4
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