The background is that the board of Adventus is hardly independent from Altius, most boardmembers sit on boards of other Altius holdings as well, and there are family ties between both CEO's too. The convertible loan that could be exchanged for an extended royalty wasn't at arm's length, so I am not surprised that any bidder would like that redeemed. Altius is not a third party
Ann: Result of UK Placing, page-149
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