the proposed D-E swaps is planned to happen after next balance...

the proposed D-E swaps is planned to happen after next balance sheet date. after that date, the remaining equity amount will give a more correct picture for the share price. that is, the share price will better reflect the true value of the company given the asset impairments. the share price may be higher or lower than it is now. if the proposed swaps happen after balance date, it can be regarded as new issue of shares to the market to raise more capital. and the new issue to raise capital usually happen only when the company needs more capital to finance its operations. dillution is better than insolvency.

if later it turns out that the asset impairments are not as bad as they are expected, and the company can still run without more capital injections, then the D-E swaps would not be needed.