Ann: Market Update Amendment to Syndicated Facility Agreement, page-222

Questioning motives again. sigh...

OK - I will continue to be honest...

First, to be definitive and clear:
I am not in any way associated with any shorters.

I work for myself.

I am not involved in any way in the legal profession.

I am an IT specialist - which possibly explains my predilection for numbers and analysis - and an investor. And my pedantic attention to detail - apologies for that, I can't help it!

I was an ex-holder in SGH though I did not lose a huge amount. And like Brad I actually managed some short term trades to recover some but not all of my losses. I am here simply because the current situation here represents a great opportunity to learn and improve my investing and analysis skills.

You say the recapitalisation plan will be in the interests of all stakeholders - and you clearly include current shareholders under the umbrella term of "stakeholders".

The Boart Longyear (BLY) recap plan was announced today. So I'm going to use it as an example and quote from that.

I want you to just for a moment suspend your overwhelmingly positive view of the glorious future of SGH and entertain the idea that these words are being uttered by Andrew Grech or John Skippen in a few weeks time...

I've underlined a couple of key terms here - notice this is a plan to "move forward in a sustainable, positive way" (sound familiar?) and how stakeholders is grouped with company and employees - and the board unamimously recommends shareholders accept the deal given the choice they face is between insolvency and receiving a token amount.

Keep in mind that under this plan, current BLY shareholders are being diluted to around 2% of their existing holding.

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Does this in any way sound kind of like the situation SGH are in?

Do you see any possibility that this is how the recapitalisation plan could work out for current SGH shareholders??"

Honest answers please...