The terms of the notes can be varied at an EGM of noteholders with a 75% vote. As at the last annual report, the top 6 noteholders have over 75% of the notes.
AXO will present a proposal to the noteholders which will go to a vote. If you are on the wrong side of the vote, too bad - at worst you can sell your holding.
The prospectus does outline that if less than 5,000,000 notes are outstanding the company can redeem them at face value (95 cents) - but I don't think it will get to this.
They would have already discussed the plan with the top noteholders - this is why the seller that has been holding the price of these down for the last 6 months stopped selling about 10 days ago.
AXO Price at posting:
9.3¢ Sentiment: Hold Disclosure: Held
