Ann: Recapitalisation Agreement, page-65

So it appears they'll only pay interest on A$75m comprising Super Senior and Working Capital facilities. Assuming the latter is fully drawn and a hypothetical interest rate of 5% that's $3.75m interest per year.

GBP250m means the New Lenders will get first dibs on Watchstone / insurance payout related proceeds and/or asset sale proceeds in the UK only. Any balance of this facility at the undisclosed maturity date (3 years?) converts to a nominal number of additional shares. Further dilution.

The warrants related to the new A$5m facility will also dilute existing holders a further 20% from 5% to 4%.

Just trying to understand how this thing can re-rate for existing shareholders absent an amazing BAU turnaround. Perhaps NIHL settlements will parachute in and save the day.