There is nothing new the news is and was expected (although gobbledegookish) It is a plus for shareholders (just glanced over it so far, have toothache) AFAIK Shareholders accepting the share buyback will secure a substantial capital premium on the prevailing share price, with cumulative redeemable preference shares being issued on a 1 for 1 basis, with a redemption price of 20 cents. In addition, the redeemable preference shares will pay an attractive yield of 10.5 percent per annum. (But do you own research I'm in pain)
They have their PDF fomated link working to get it click the following link (Windows users right click Mouse and select "save target as")
3 October 2003 Proposed Issue of Debentures and Preference Shares
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directors fleece shareholders, page-9
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