{"investor_group_id":"1","date_received":"2025-12-20","question_original":"Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?","internal_owner_id":"5","draft_answer":"We are working on a consent framework under which key decisions (such as incurring additional secured debt, material changes to the master plan affecting pledged land, or disposal of core collateral) would require the prior approval of a defined majority of bondholders. Less material matters would remain within the discretion of the sponsor and project governance bodies. The exact thresholds and mechanics (bondholder meetings, written resolutions) will be specified in the terms and conditions.","final_answer":"No, bondholders do not have collective consent or veto rights over matters such as new debt, changes to the master plan, or asset disposals.\r\n\r\nThis is intentional:\r\nThe master plan is a long-term, highly regulated development framework that has already undergone a complex and costly approval process.\r\nAny material change would require multiple government approvals, significant engineering rework, and extended delays\u2014making such adjustments impractical and highly unlikely.\r\n\r\nFurthermore, the financing structure protects bondholders through:\r\nOver-collateralization;\r\nA ring-fenced use of proceeds;\r\n\r\nAnd a debt structure that ranks senior and secured, limiting operational risk exposure without requiring active bondholder governance.","status":"Finalized","priority":"Medium","version":"V1 2025\u201112\u201122","update_date":"2026-01-05","linked_faq_id":"6","notes":"","updated_at":"2026-01-20 16:24:33"}