Ann: Response to Media Release, page-28

"The RAD is guaranteed by the government on behalf of the aged care provider."


Sure, but as you suggest, the point at which the government guarantee is invoked means the circumstances will be such that any equity value in EHE would have been totally obliterated.

So I'm not sure why this government guarantee is raised as an argument in support of EHE's solvency. It is quite a moot point.

The parties who are guaranteed by the government are the holders of the accomodation bonds, not the holders of equity in EHE.