Ann: Appendix 3B, page-131

ABLM

The way I see it you could be correct, however the part that gets me is the sums they issued which shows clearly that if they raise only $4m noteholders get their money back.

Does that mean Noteholders then just hand back that money to the company as the shortfall between the $4m and the $6m

On another matter

This from the letter to shareholders:

The Directors have indicated they intent to participate in the Offer.

Considering the only one director that had shares resigned, so I ask how can they participate