Ann: Redemption of Con Notes, Financing Update and Appendix 3B, page-10

Situation looks pretty ordinary - a few quarters of not making money - sounds like they’ve got the notes plus a big stack of unpaid bills equals nervous unsecured creditors.
It’s good that a Gandel is willing to risk loaning funds to pay out the notes - now they need support to fix the cash flow situation.
They’ll only get it if production is looking a lot better.
About as close to the wire as it can get imo and not over yet - they need to win significant support for the rights issue or it’s all over rover.