If a D4E is done first...there will still be debt held by...

If a D4E is done first...there will still be debt held by Anchorage and they will own ~95% of the company.

The AUD $600m could be used to clear debt and then possibly make a special dividend payment to shareholders...of which Anchorage is 95% after a D4E.

It is not outside the realms of possibility.

Also I would be very careful brandishing words like stupid around here because apparently the mods will take down your post (I tried calling you stupid earlier but it was taken down)