Ann: Recapitalisation Agreement, page-114

Yes - tough day for holders...

I did run some numbers here:
https://hotcopper.com.au/posts/25562340/single

It works out as roughly $800M in debt exchanged for 95-96% of equity or effectively around $0.09 per share.


They have also effectively ring-fenced any Watchstone proceeds (at least the first £250M of them).

You can always choose to vote against it, but the choice will be between getting 5% and 0% - debt holders will just push it into VA - they will win either way.