This is my whole point and I agree with you. People don’t address the bit in bold below though there maybe more to it than I understand.
that the APT Rules are unlawful on account of being in breach of sections 2 and 18 of the Competition Act 1998 because they exclude from their scope shareholder loans and for no other reason;
If this is the case, and it's 'simply' a case of including shareholder loans in this now, it sounds a fairly straightforward change.
But any change would have to be voted on by the stakeholders wouldn't it?
And what would happen if that vote doesn't get enough votes? Any idea?