BMM Purchase of CN, page-4

I doubt JB would sell a debt costing them 15c plus an entitlement to 300M shares that they converted to 9c for anything less than 9c.

Maybe 10c or A$30M cash to JB?
Thats a lot to spend in cash for no shares if you are an intending takeover bidder who wants all the shares.

If zebster is correct and they cannot convert this CN into equity then why would they buy it at all to be a simple lender at 9% interest, especially as they bid at 6.0c, so they must think that they can convert it into shares at 9c. Maybe they think the CN will be equity swapped eventually over 9c regardless or as a lender they have a larger secured control over the company.

But the CN can be refinanced and paid out in cash surely, maybe they can use the $71M cash to do that now and reduce debt to $0 and wipe out any manouevre from BMM using the CN?
Must have crossed their minds.

Its redacted for a good reason.
They dont want us to know how valuable POS debt or paper scrip is to them.