My understanding is that MB will lend more against the current reserves than other lenders CTP has approached. Hence it will cost an additional loan repayment ($5m -$10m?) to refinance now.
And yes, MB can stand in the market and buy up to 19.9% without launching a takeover. They have to notify the company past 5% of being a substantial holder.
Old Direction Fanciful Finance, page-25
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