Ann: Change in substantial holding, page-4

Paddy
my understanding is that the collateral shares are issued as collateral and can be redeemed by the company at the end of the loan for $1.

However EN1 can elect to pay their monthly installment using these collateral shares which they have done but they then have to top up the collateral shares.

The collateral shares equate to close to 2 monthly installments

I am expecting 2 or 3 more top up's before EN1 will have enough surplus cash flow to pay the installments in cash

It's a expensive form of finance but without it they could not execute the Net zero plan

The revenues from Net zero will far exceed the loan costs

Unfortunately when you are desperate you dont have any choice of financing

At least with this process they have guaranteed financing even if it is expensive

In my view Ted did a good job to get any funding