Synlait, page-140

It looks like they are just a bit out of date. ACC were the 3rd largest as of last year's annual report.

But it appears between then and 30 April, Chester Asset Management bought over 3M shares and moved from 5th largest to 3rd largest.

I agree with your point that the only way they can get something meaningful back is to force a takeover.

But I also assume neither Bright nor A2M would really like to see the company liquidated and the potential loss of control over assets they want to retain. The main question is whether or not rejecting the loan would force a takeover offer. It may be a moot point because I don't think A2M would reject the loan unless they were prepared to go that route. And the shareholders would only entertain the idea if A2M was going to vote to reject.

I think there would be window of opportunity for A2M to persuade these shareholders to support them in rejecting the loan and entertaining a takeover offer instead. If all else fails, it may at least extract some concessions from Synlait and Bright, or even open the door to a JV approach.