Ann: Clarification regarding proposed convertible note, page-19

A simple answer is yes, but collectively HML and now BHD are expected to be holding the total assumed asset value on their books, taking the risk that the new entity will progress to a worthwhile investment/IPO while JBL sits back and watches with no risk collecting the fees?
i.e. it is a way of justifying the HML NTA to ASIC in the short term and without the detail we don't know where it will end. Past experience with management and related party transactions relative to announced changes does not bode well. Wait for the next version?
I was hoping for a real acquisition not an imaginary one.
BHD shareholders will have a choice to accept or reject this.
Don't forget BHD is also holding some currency notes for ??? in the unknown current group at a pittance. No wonder the SP is going south. The NTA is heading closer to spin than real assets.