The relevant clauses are:
4.2 Trigger Event or Change in Control Event
(b) A Holder may request Exchange or Repayment of all (but not some only) of their BBSN2 by providing an
Exit Notice to the Issuer after the occurrence of a Trigger Event — no later than 15 Business Days after the
date of the notice issued by the Issuer under clause 4.2(a).
Realisation Date means each of the following dates:
(b) where the Issuer has received an Exit Notice under clause 4.2(b) or 4.2(c) - 60 Business Days after the date of
the notice issued by the Issuer under clause 4.2(a); or
We have 15 days to file our Exit Notice requesting Repayment from the date of the notice filed under 4.2(b).
The "Realisation Date" will be 60 days after the date of this notice.
If the company is in a position to repay, we will get a Repayment Notice. However, if we do not get this - all monies become due on the Realisation date.
So, roughly 3 months from now - we will have a formal default on the debt.
The company must issue a repayment notice, if they are going to effectively takeover our notes. We remain will full rights as noteholders until we get our repayment notice.
The situation in which you don't send in your Exit notice is significantly unclear ... you will remain a noteholder and lose the right to repayment based on the recent trigger event.
From my personal viewpoint ... I cannot see any reason not to demand repayment. I intend filing my exit notice and selecting the repayment option. I intend doing this as soon as possible. I have my CHESS statements all ready.
BNB
babcock & brown limited
