sub 20c, page-5

Why would Noble Group now want to pay 45 cents/ share for the debt for equity conversion?

THIS IS THE REASON

"The Board also advises that it has recently been in confidential, non-binding discussions with a third
party in relation to an alternative, incomplete proposal involving a control transaction and the
refinancing of the Noble debt."

Noble Group worried about losing control of TTY. Andrew Simpson would also be concerned as he would be given the BOOT immediately if a 'control transaction' by another party was completed.

I wouldn't be surprised if the TTY clowns are trying to cover up a takeover offer. They would be worried that TTY shareholders have had enough and would happily accept a takeover offer.