Yes, tweaking is all that is required. Havenfresh should...

Yes, tweaking is all that is required.

Havenfresh should negotiate a new deal using their leases as leverage. In return for accepting the rental reductions (which will most likely be imposed on them anyway through the administration process) they could negotiate for:

- re-pricing of the notes issue to retain some value in the existing equity
- remaining listed
- appointing a new independent board

It's probably too late and MR would be close to finalising his deal with SC Lowy but at least, if Havenfresh were to put this offer on the table, they would have a stronger case to argue that the original deal is illegal and only intended to deliver control to MR.