Good question, and I should clarify that by VA (or similar) I...

Good question, and I should clarify that by VA (or similar) I don't mean to imply the company will be insolvent or won't exist. I think it will continue after a restructure but with new owners. I'm sure the existing Board, especially the non-offending, non-exec directors have taken advice re: Safe Harbour provisions and the like. I'm also sure that the larger firms who specialise in insolvency/turnaround will be scaring the hell out of the non-offending NEDs and at some point it will actually be safer legally, and to avoid any future class action against non-offending NEDs, if the entity is temporarily passed to an administrator who brokers the deal and then hands the new-TSEG back to the Board with the new owners in place. Bringing in the administrators stands the current Board aside temporarily, which would protect them from a future shareholder class action from those of us who may not appreciate receiving 80 cents or less per share if that is the deal that's struck. The administrator solution also allows TSEG to keep the non-offending NEDs in place for the new owner. The administrators also will have greater latitude around trading insolvent / dealing with temporary, acute cashflow shortfalls should this be required. Basically, I think it will simply be a pragmatic issue of how we get from where we are now to some future company. I think it will end badly for retail shareholders because I don't think it will be a listed company and I think administrators would agree to retail shareholders being paid cash and that cash won't be much. It sucks but I think it is the most likely outcome. Happy to be positively surprised though.