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13/10/15
17:40
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Originally posted by user23
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I am talking about the 115M convertible notes loan deal, as part of the loan deal MBN only received 55M of borrowing (and I think only 38M was left after financing cost) so that deal is extremely good so I don't know what they are complaining about, they get 115M + interest and if MBN's pps goes above 16c, they can convert it to shares and sell it for even more and potential get more than the 115M + interest and only forked out 55M borrowing.
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I am also referring to the 115m convertiable notes, the note holders advance mbn 100m not 55m as per your statement.
The 100m received was confirmed in 2014 financial.
As part of the condition of advance, they are the secured ceeditors.
It is a commercial transaction.