The Lemon Fool

I have just noticed ;
Stock
EROS MEDIA WORLD P 9% SNR 15/10/21 GBP100'REGS
Event Type
Tender Offer
Description
Repurchase Offer - Extension

Offer Price: GBP60.00 per GBP100.00 in nominal amount
Pay Date: Expected by 28th March 2024

Eros Media World plc has extended its offer to repurchase...

I am wondering why the repurchase offer is 60p the current share price is c8p and can only surmise that nobody believes the offer has any credibility.
Is there a serious definition of how this may play out that a simple minded old fool could understand

Well the most recent coupon was meant to be paid in October 2023 and still has not arrived. So I don't think many people believe the 60p will arrive when they say it will. Of course that does not stop people tendering in the hope of getting out. But be warned only a small percentage of the amount tendered will be bought back (2%?)

There is an action group being organised by 365 Investments which may or may not get some action going.

M&G Trustees are the new trustees of the bond and seem to be doing sweet FA. Then again they haven't been paid either.