Hi everyone - I mentioned this in a separate post a day or 2 ago - but isn't the "strategy of investment" / secured note loan only secured over the Neo shares per attached rights issue presentation stating "ring fenced"?
I went back to the initial announcement and terms & it similarly states it's secured against the NEO shares.
However, I read the sentence below as HAS only guarantees the BBSY + 9%, which they have been paying per recent cashflow statement of $30m paid.
As mentioned above - it does not state anywhere that the notes can be exchanged for cash back. It reads as if Wyloo thought they were getting a bargain into HAS stock but it has obviously turned out differently.
The bit that indicated this to me is the sentence stating "Redemption rights: Redeemable by issuer (HAS) after 2 years in certain circumstances, including where the Hastings share price is greater than 130% of the exchange price".
I'm interpreting this as Wyloo saw RE as a critical mineral & found this "strategy of investing" a safe bet via NEO and HAS with expectations of (increased RE and stock price), the opposite of what has unfolded actually unfolded (reduced RE and stock price).
Is there a way we can get clarification? I may need to send an email to HAS..
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