A large factor in not having considered insolvency, is the intrinsic value that is so prominent. Surely Delphi and the placement underwriter would not to let this occur.
Conversely though, a takeover may also be plausible with ASN so close to being "de-risked".
lots of factors at play, but essentially EPA approval will be the straw that breaks the camels back
Ann: Entitlement Issue Prospectus, page-113
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