Has anybody looked at terms of GTPGA and GTPGB?My read of...

Has anybody looked at terms of GTPGA and GTPGB?

My read of prospectus in particular Financial Covenant is that holders can redeem GTPGA and GTPGB at full face value if there is a breach of this Financial Covenant. This Financial Covenant is that "the Group's liabilities will not exceed 65% of the Group's assets AND that net assets will not fall below $350 million.". Does anybody know whether the Financial Covenants have now been breached? I personally do not think so as NTA were reported as $627 million for year ending Sep08. However liabilities were $1.083 billion and assets were $1.793 billion resulting in 60% so one of conditions was breached.

If the net assets test is breached one day, holders of GTPGB and GTPGA can seek redemption at full face value. There are $200 million TREES on issue so if holders can seek redemption, company will not be able to pay and hence be insolvent. Do I read this correctly? comments welcome.