Interestingly, the CEO Mr Bennett, has written to all bondholders in Z Energy. He thanks them for having faith and investing in the business before it had established its credentials. However he stops short of offering bondholders a firm allocation of shares. He does say bondholders can apply to a "NZX firm" for an allocation then lists some selected brokers.
It is disappointing that the company has not set aside some shares as a pool for its existing bondholders. Mr Bennett must be confident he can unload all the shares without the bondholders help.