Ann: Company Update, page-2

There were 5 pages of dribble but here are some key points in case you missed them:

- The SPG placement (which makes no sense for anyone including the investor) is conditional on “the issue of shares by the Company to the holders of Convertible Notes following the conversion of the Convertible Notes having occurred”. Why would this be a condition? Here’s why
- “The Company’s current understanding with respect to the CNs is that they remain owned by their original investors, but prior to maturity they will be acquired by parties who subsequently intend to convert them”

So here is my read into the strategy - Noble and OCP move to pure debt positions and the unnamed parties to take control of the company via the CN’s leaving us minor shareholders with nothing.

Notice there was no mention of the share price slide - it’s irrelevant to their plan. This announcement was about duty to disclose ahead of executing a strategy.

Operational update, which doesn't read well, got 7 lines… again obviously irrelevant to the strategy