I havn't been able to get hold of the Trust deed to confirm this (has anyone got access to it), but on reading through the prospectus it seems that the Trustee (Permanent Trustee Company) has broad powers and it looks like they would be the party who would negotiate on behalf of noteholders, and I believe (as is quite usual for public bonds) without having to consult with actual owners of the notes.
So if I am right then we as holders have NO say in what gets negotiated on our behalf but I have no idea without looking at the trust document how broad those alteration powers go
BNB
babcock & brown limited
who negotiates on behalf of bnbg holders
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