Ann: Quarterly Cashflow Report, page-205

Hi Ham Child, I note you edited out your previous post, did you have a lightbulb moment and realised that there is nothing in that announcement that excludes the Bond Note from being a convertible note? A "Note" or "Bond" is a higher level definition, a note or bond then has sub categories which include convertible and non convertible.

So they are looking at a Note, but they definitely haven't excluded by this announcement that it's convertible or partially convertible in my humble opinion. You of course can take a guess and you may end up being right, but there is nothing in the announcement that excludes it. All they have said is it's a Note issue.

I also note the topic got changed quite rapidily and nobody seemed to want to answer this question for some reason

"Hi Croc, what's the difference between "purchased or redeemed". Does that mean they are looking at a convertible note that can be redeemed into shares? "

Anyway, if you did in fact have that "lightbulb" moment I would have thought it would have been nice of you to share that moment, rather than quickly edit your post. Perhaps others could then have shared that experience with you.



Interesting point you then quickly raised (hopefully not to deflect the topic) on whether a reserve of such a small nature will result in a lower bond yield, I suppose it will likely depend on whether the lenders think it can generate sufficient cashflow so that they get paid their interest and eventual loan, as the the SYR situation demonstrates , having a reserve in the ground doesn't generate any cashflow. I suppose it may have some bearing when they do those calculations on a fire sale situation, a larger reserve would more likely be able to be flogged off, thus giving them a higher degree of confidence that they can get some money back. Not sure why you think your small reserve would generate any sort of discount though, but will be interesting to see what the rate is if/when funding arrives.

Anyway all in my humble opinion as always and I am hoping that perhaps my previous post helped you have a "lightbulb" moment on the fact that a "Notes Issue" can be either Converting or Non Converting or even some hybrid of the two. Seems people's preference may be for a Non Converting notes issue, so let's keep our legs crossed for that.

All the best