TS
Its simple really, this seemingly complex financial arrangement is merely margin lending in another guise.
ANZ or anyone else CANNOT sell PT's shares without permission, to do so would probably have PT consulting his lawyer.
If he has the funds to offset the debt (like he said he has), they simply have no legal position in which to sell his shares.
His holding exceeds the entire potential debt by a factor of 3. If ANZ were to try & sell them & devalue the rest of his holding, i'm sure he'd be suing them for "losses incurred".
This is no different to anyone else using margin lending, it's just has a third party involved earning a commission on the margin.
phillip thomas explains all, page-39
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