my understanding was that the $125m cash LLP had, was to be used...

my understanding was that the $125m cash LLP had, was to be used to pay down BANK debt. I am not sure whether that has happened yet.
Yes the ASX announcement says that the proceeds of asset sales will go to reduce the C/N debt.
From memory the C/N issued to LLC were for 5 years at like 10% or 11% and were convertible at 60c or so. Those numbers need to be checked to get the facts straight.

The point I make is that LLC would be far better to see the C/N repaid from the proceeds of the asset sales, then have LLC participate in an equity issue at around 10c - because it is going to be many years before the C/N are in the money. ie swap c/n for cheap equity. under a rights issue, they would not have to take-out us minorities. They could also issue the shares at little or no discount to the market price, to discourage small s/h from taking up the rights.
That's cynical, but it has happened before. eg CUE !

I will bet that LLC have some plan up their sleeve.
If they can get hold of some of the PTN assets at a good price, they will grab them.
LLC has >$1b in cash, so underwriting an LLP issue would not be a problem.

cheers