Bargain ?, page-84

You made some good assumptions, I think.

The second tranche of $5m was available to draw down at AVQ's discretion on or after 20 November 2015.
Interest can be paid via issuing shares @37c, not via cash payments.

The loan facility is matured: 24 months from drawdown of the relevant tranche unless otherwise converted into Axiom ordinary shares.

I did not agree with you regarding InCoR had any power on negotiation.

First, why AVQ didn't draw down the second tranche while available for months? Because AVQ did not intend to withdraw as they would expect to win the court case and having $4m cash for court cost reimbursement, but unfortunately, didn't happen.

Second, the conversion, might be related to revoked PL, as note is secured on Australian and HK assets, THAT IS ONLY THE POSSIBLE REASON for InCoR to terminate the facility, imo. But they WERE not forced to accept 37c, neither 31c. They can wait for 18 months until the $5m note is matured or HAD a choice to convert into shares at Agreed price.

Third, If InCoR think AVQ is worthless, why would they CHOSE to convert the $5m into shares, they can get $5m at maturity.