Some random thoughts on this, DAF has representation on the current board in Simon Calton - pretty sure he will do whatever it is that makes the most money. Perhaps there is risk in converting to shares with the OS likely to be maxed out, so will the choice be to just accept repayments from the new company? The amount owed isn't insignificant, but depending on how much debt the company already carries perhaps it is not that big a deal. Overall I don't see it in anyone's interest to hold up the deal but if it leverages themselves a better outcome I don't doubt it could happen.
Markets closed today, be interesting to see if there are more filings this week.
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