No, the option to take up the Con Note is fully exercised once the $3m is paid. (Having the Con Note and conversion to shares is 2 different transactions) Once the Con Note is issued inHealth will be paying interest on that note (from memory 6%??) until converted to shares which is when ownership increases.
The conversion of the Con Note to shares can happen any time between issue and expiry which is 7/2020.
In regard to whether the $3m has been paid the Company said:-It is correct that statement does not confirm payment however would suggest it has been paid and payment would not need a separate ann.
Would seem logical to me that if payment has not been made an Ann to that effect should have been made advising any change in circumstances.
Ann: CardieX Update on the Acquisition of 50.5% of inHealth, page-96
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