How Many Shareholders....?, page-11

NEXT gets, on@RoE's numbers, 80% of the company for about $22.4m. I suspect they have to inject more cash to repay the $45m that was in default. The proceeds from the liquidation of GoGetta will also go to repay debt. They will have to scale back the business to get the Debt to rental assets ratio down to 65% (I think).

Once it is privatised they can cut as heavily as needed to clean out the loan book/rental asset portfolio and carve out costs to "right size" the cost base to the "new" rental book; it wont be subtle!

None of this can be done if the business remains listed.

I suspect once restructured SIV will be refloated and I reckon the SP will be in the $3 - 5 range.

I guess it is the classic Hobson's choice. If shareholders vote down the scheme of arrangement then they will get nothing.

However I would like to see a shareholder revolt where English is not treated separately from all other shareholders and has to take the same medicine as everybody else.