Why would you take on equity risk (by rolling on for another year to help shareholders) unless you are offered an equity type return?
In the current format, noteholders payout is indifferent between a sale of US$35M and US$120M but they are exposed to the same risk as equity holders who benefit from any sale value upward of US$35M.
It doesn't make sense, you would think institutional investors would see this discrepancy straight away.
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held
