The only reason to why they could want to delay the TRW-dividend because of the collateral shares, is if they expect the shares to be returned if the lenders can buy them back at a low PPS. If they know that the lenders will return the shares no matter what, or know that the shares are sold and never will be bought back, then it doesn't matter (the TRW-shares will have to be returned when the SIAF-shares are returned).
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