It's not a certainty that the deal will go ahead. There are...

It's not a certainty that the deal will go ahead. There are several pre conditions, including a rent reduction by landlords. The shares are bust without the deal.

Hard to see many shareholders taking up the notes - it could easily end up 63% Roswthorn, 35% Lowy, and 2% Others. That's before management incentive options.

Plus the interest rates charged by Lowy are exorbitant.

Having said that, there will be a ramp at some point. I'm surprised there is not more volume now.