Well if I was a bond or convertable bond holder.........would do one of two things
Convert to shares
Or accept Westfarmers offer (didn't you know there are other ways to skin a cat)
Of course.........once again Westfarmers would have to make it attractive for these holders
Speculation for my part
Don't think Japanese lender will be transferring debt over to Westfarmers
Total outstanding in rough numbers 220 million AU
Ann: Partial Conversion of Bonds and Appendix 3B, page-5
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