Pinetree
My understanding is that CN holders will be ranked above ordinary shareholders, I am pretty certain of that.
The plug can, by the way, be pulled even before 3 years in the event of default by NMG. Just browsed through the CN deed again.
The deed goes into great length to protect RSG from dilution, in particular through issuance of debt.
Something else occurred to me - thanks to this stimulating discussion: if RSG wants to convert CN to shares thus exceeding 19.99% threshold, do they need to launch a formal takeover? I guess if all goes well, and SP is well above 12c in 3 years, this is exactly what will be occurring.
Cheers
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