Congratulations, page-61

Hi Simonsnouckaert,

I don't own any AZZG, but my understanding of them is this.

As you pointed out they will run now run until 30th October 2023 having been extended for another 10 years. The max amount allowed to be issued under the trust deed is $100M. The current conversion terms are 1 note into 3 ordinary shares. 10% interest rate P.A.

This document has some of the main terms in it
http://www.antaresenergy.com/wp-con...7-12-Amendments-to-Convertible-Note-Terms.pdf

You will see on page 1 that the next reset date is 30th October 2015 at which point the company has the right to redeem all the outstanding notes should it choose to do so (a new reset date is set when the old one is about to expire). I expect this to be at the par value of $2 per loan note.

It doesn't say so in that document but I clearly remember reading in one of the documents (issued in the last 2 years) that they can change the conversion rate on the notes because it is allowed to rise as high as 4 shares for each note & I do think they can change the interest rate as well.

Here is the 2009 one for reference
http://www.antaresenergy.com/wp-content/uploads/2011/08/2009-10-28-CONV-NOTE-RESET.pdf

I'd advise you to contact the company directly to ask them, exactly what the company is allowed to change on a reset date.

They will financially engineer it to suit themselves

LOTM