Ann: Voluntary Suspension, page-40

The option uptake announcement had to come by 11/3/17 as expected and the voluntary suspension from trading has protected the sp from crashing to a level which would have destroyed any incentive for uptake by bond holders in the restructure deal. Yet missing is any information on progress of uptake by bondholders which might have provided some optimism for PDN's survival. If the restructure is likely to be successful, negotiations on the option to sell LH can drag on while PDN continues to operate. If it looks like the restructure is not going to succeed, PDN becomes insolvent and does not trade again. It may be that CNNC have information from CIC (a major bond holder who can swing the outcome) that the restructure will not succeed and are justified in taking up the option in order to protect their current investment in LH thus avoiding a fire sale and uncertainty of compatibility with new part owners. Even if the restructure deal were to fail, in particular with the uncertainty caused by CNNC taking up the option, an entirely new direction of negotiations may be possible with bond holders and EDF based on sale of LH. At least PDN apparently gets to select the independent expert valuer. If the major block to uptake of the bond deal turns out to be CIC, that would imply collusion with CNNC to obtain LH but at what loss to CIC? An announcement on the outcome of the restructure will not come until the end of March. AM has indicated enthusiasm for the restructure by bondholders and interest by institutions to take part in the CR. Don't engrave the tomb stone just yet (just trying to wring out my last bit of optimism).