Ann: Letter to Shareholders-AGO.AX, page-27

I was going the other way (maybe i'm thinkign upside down), that they would want say 90% for $135m, but were satisfied that they could justify a higher valuation on the 70% based on the fact they aren't expecting to get all the debt repaid anyway and at the lower dilution the shareholders might also accept it, lesser of two evils for them

if the debt is secured, it really only worth the firesale value right? so instead of allowing into VA and getting it anyway as secured creditor and not being able to realise what the bullish holders think it would be worth, they accept a haircut and try to scrape some repayments out of it through hoovering any windfall profits from io price spikes