Sp3,
yes you are right. I was the adviser at the time.
hence why I was relieved when they finally got rid of all convertible notes.
The Johnson/Halcrows convertible note was supposed to be the last of such capital.
My hope was that it would be a gradual process of building 1) commercial developments 2) access to higher quality capital and 3) continually improving the state of the balance sheet.
And it was going in that direction until.....well, you all know.
So was there a point to why you asked this SP3, other than to just state an obvious fact??
esi here we go here we go here we go ........., page-24
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