Ann: Equity Lending Facility Results, page-51

ECTF isn't borrowing nothing. It has no money. It's just a bit more smoke and mirrors.

Instead of having ECT options expires it makes a mumbo jumbo agreement via ECTF to 'finance' the option owners by allowing the currently unviable options to be exercised on credit but not released to the owners until they pay to ECTF the amount owed.

With this the option owners have a right to the shares created from the exercise of the options via the 'credit' ECTF grants them but they don't have to pay anything unless the share prices rises above a certain amount on the market, don't quote me but I think it is 3 cents?

All ECT has then is a potential of it maybe getting an amount of money in the future and at the same time it might not get it also that is a bit like Schrodinger's Cat.

From observing the share price at 1 cent a share though today it would be a safe to predict currently the future state of the cat would be dead......