Ann: Recapitalisation Agreement, page-71

Everyone seems to be missing the bit about the GBP $250m convertible notes. All the release states is that some of the existing senior secured debt will be amended and restated as these. Pretty sure it's not going to be 1:1.

Pretty lucrative deal for the new lenders. They get proceeds up to GBP $250m for the notes (WTG action, asset divestments) and if this amount isn't received the notes convert to new shares which will dilute shareholders once again in future by up to another ~40%.G