Hi pesa,My understanding is that they are not "reissuing" the...

Hi pesa,

My understanding is that they are not "reissuing" the notes but rather changing the conditions of the existing notes on issue. That change would be affective pretty much immediately after the vote takes place, ie the AGM.

I reckon shareholders agree to this at their peril but I guess everybody has to make up their own mind.

I see it this way, ASOC can't afford for the company to go into administration as it would take a very long time before they got their money back. If they don't agree to extend the notes then they shoot themselves in the foot as the company can't repay the note upon scheduled maturity. Can't see ASOC wanting to be in that position. If shareholders vote down this specific resolution ASOC will be forced to come back and negotiate. What other choice do they have ?

Shareholders fate is probably determined by this resolution. At least if they say no they have a chance of negotiating something better. If they say yes I don't think they will ever get a vote again, well not one that counts anyway. Then what ?