Ann: Management Changes, page-32

I'd have to check on the conversion notice clause and you may be right there.

I reckon that is the only chance - convert the hybrids and then recap. You will need the hybrid holders to recap too. Allan Gray owns about 20% - can't see them tipping in cash. Price and his mates probably own a third (I believe Hishenk is one of them) - can't see them putting money in now. And there is still a heap owned by small shareholders who are stuck with them - they won't recap either.

If they get lucky they might get enough from asset sales of Europe and UK to have a small ANZA operation with minimal debt but that would take some stellar work to get out like that.