Ann: Trading Halt, page-23

Agree that a writedown would obviously be of concern to the lenders but you are talking a 25% haircut to the value of the PDLs and the loans would still only be 67% of the lower PDL value. And 25% is 100m which is pretty dramatic given AASB9 was just adopted in 2H19 and you would have imagined the auditors should have been all over this.

On Balbec, you are basically unloading PDLs so it would reduce the loan and the leverage, but yes few seem to understand the put option that seems to have been given (although for the last couple of reporting periods, they have indicated the balbec portfolio is performing as expected, so you'd hope there was no further liability there).

Again all guesswork until we see what this announcement is, and tbh its unlikely that they will go into the weeds on all of these issues, so at the end of the day, you believe the board/ceo or sell.