Has anyone spoken with the Perth based director (no, I don't think so)
ASX suspension works nicely for the company IMHO
My scenario now is,
The notes will be redeemed at $2 regardless, as the company hasn't offered rollover terms (Sept 18 deadline) and the conversion price is 67 (compared to last sale 50)
Settlement will be in 2 stages.
The first (northern star) is the biggest and will settle around note redemption time. Macquarie can fund note buy back if required
The second stage requires shareholding meeting (so some delay)
In the interim JC will be looking for an American group to take over the company so that the tax bill can be rolled over
I expect pricing midway between after tax (90) and pre tax (1.45)
Interesting weeks ahead punters
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