Further to this, it might even be in the interests of BCS to...

Further to this, it might even be in the interests of BCS to advise shareholders on this question. As shareholders would know, Macquarie and Deutsche Banks might argue that Brisconnections did not adequately inform shareholders of their obligation, so as to escape their underwriting obligation. But if the owners of the securities at the Second Instalment Record Date were all aware of their obligation prior to acquiring their shares, would the argument still hold? I expect a big legal spat regardless. But part of me is just itching to see the headline:

MEET BRISCONNECTIONS NUMBER ONE SHAREHOLDER