It's very understandable everyone is upset about being re-shafted by AET&D#1.
The difficulty with solving this issue is the upcoming debt maturity. Any solution to the problem would require the stumping up of $560m to remove the Westnet Facility.
imo (non-expert) a number of the larger ex-BEPPAS (XB) should put forward the following option:-
Existing holders can accept 3c per XB, or choose to purchase a $0.85 listed convertible note (10% coupon), and have 1 listed share in new-BEPPA for each XB.
The convertible notes will have a condition that they can be redeemed at $0.90 (+interest) should new BEPPA be able to sell assets and repay the notes.
The debt burden is removed, and those that believe in the future cash-generating abilities of these assets will receive any upside.
In reality, I would expect most investors who can find the cash to purchase the notes. The upside is considerable so I expect the convertible notes and relisted shares to trade at a premium, and you can always get your cash back by selling the listed securities as soon as they are listed.
That's my 3c worth.
It's very understandable everyone is upset about being...
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