Bell Potter in their note have confirmed there are no warrants"
@nikki,
I'm not sure how much experience Bell Potter's analyst has in the design of structured debt instruments.
But there are many more types of mezzanine financing, that involve debt converting to equity (other than warrants) under certain conditions, and very few of them would require an Appendix 4B notification, because they are only contingent equity, as opposed to warrants, which are classified as a form of equity.
So just because there have been no warrants issued as part of this debt package, that does not mean Hercules will definitely not end up with a swag of MSB equity in lieu of the loan it has extended MSB, if the circumstances trigger it.
Just one or two additional lines in the company announcement could have adequately provided this sort of contingent detail in relation to this financing arrangement, about which the market rightly has an expectation of being informed.
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