Nxs for Shareholders, page-8

I think you are on the right track there ANZ. Another thing to consider it from my understanding here that sgh are only secured in respect of the longtom facilty, all other debt is unsecured. if this is the case , they have quite a bit tied up and in the event of shell etc playing hardball in the vent of a VA they might have a considerable level of unsecured exposure, with asset value being uncertain. jv agreement at crux would make interesting reading.

the board will be in a difficult situation as they need to consider solvency in light of sgh announcements. ( not that i care about their position after i dropped 30k on this dog a few years back .)

interesting few days ahead