much more detail about the bonds, page-28

I realise that I might be spooked by phantoms here but this is a complex arrangement and I do not yet understand it.

Another point in my mind is these bonds will be traded on the SGX. Presumably the right of access to borrowing LNC shares will not be attached, so the original buyers of the bonds can short sell LNC and sell out of the bonds, if they so desire.

A straight forward CR is over and done with on the day. If that had been the path taken the SP hit would have been a definite one off.

This is going to be with us for a long time.