I just can't really see how it gives Bright any additional...

I just can't really see how it gives Bright any additional control over Synlait than they already had, since it does not alter the composition of Bright/A2M's major stakes in Synlait.

It's also interesting that Synlait seem to imply that the loan + equity raise would bring their debt down to sustainable levels, whereas by my count it only covers maybe half of the overall debt, much of which is due either this year or next.

Interesting theory about A2M blocking the arrangement but it depends what kind of vote it is and what kind of threshold is required for approval.