Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently.

On 8 March 2019, an improved offer to the retail perpetual and preference (PnP) holders was out. Read here. Straits Times wrote that the PnP holders are now able to get up to 7.4% in cash, meaning this 7.4% is not guaranteed and it is the best case scenario and the recovery may be lower than this. I am not sure how Straits Times calculated it but my calculation instead was up to 6.2% in cash, making the recovery for PnP 13.8% in cash and...