Terpet
The announcement of dec 16 say this
"The Subordination Agreements prohibit recovery action by the relevant Shareholders prior to Macquarie Bank being fully repaid"
So their is no issue here. The shareholders will just have to wait. From PGI's perspective I dont see any reason why we would even want to even contemplate asking Mac Bank to allow them to be paid out.
It would make much more sense to not pay them until Mac bank was paid and reduce the capital raising if they had the funds to pay them
Terpet The announcement of dec 16 say this "The Subordination...
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