Sanctuary Group: Sink or Swim?

Hmm

well, equity holders have little to lose by approving further debt. The only alternative is to have a massively dilutive rights issue or a debt for equity swap. So my guess is they are just going along with management.

The people who really have the say are most likely to be HBoS. I'm sure they have the right to reclaim their debt at any time i.e. put the whole thing into administration. Whether they have the right to force a D4E swap I do not know.

Price hasn't moved so assuming market has the same conclusion as I have. EGM was basically irrelevant.

B