Ann: Investor Update Call, page-13

Thank you! Saved me from typing a long winded response (as much as I enjoy reading to @2ic - I sometime take the liberty and differ just a little).

The primary security against the Convertible note is ~20% stake in Neo. in 2-3 years time its not going to remain undervalued. Even if it does - our exposure is mainly the differential between what that stake can be sold for and what we owe twiggy. AND I don't think for that sum it will be in Twiggy's best interest to force a repayment if at that time HAS SP is below strike (which is also highly unlikely given we would have closed financing and started construction by then). If he manages to keep the SP down, he is most likely to negotiate some commercial outcome that will be dilutive to us but "not an end of the world". I am curious as to what BCG is working up with NEO. If we do decide to head down the path of acquiring them - we will be further up Twiggy's arse. haha but "we have to be bold" as they say.

Happy weekend folk - Dont take things too seriously