The board managed to successfully repel a refinance proposal back in June. H&G can't get rid of board without Chairman's permission, which we assume will not be forthcoming. How can the refinance of a £300m loan at presumably extortionate interest costs be in the 'interests of the company', when viewed against a purchasers proposal to pay of all long term debt? The noose is closing round Tom Hicks neck and this is his last choke.