24 March 2003 12:00am

The survival of fare collection company and smart card play ERG will be in the hands of its convertible note holders this week, with a meeting of note holders on Friday set to vote on the first stage of a complex recapitalisation plan intended to cut debt and provide the company's with a chance to trade out its difficulties.

Company insiders will know by Wednesday afternoon about the state of the proxy vote, at least. To pass, the resolutions must satisfy two tests: the support of 66 per cent of votes cast by note holders, as well as the support of holders of 75 per cent of...