Ann: FY20 Annual Report, page-29

@Artvanderlay01,

I need to apologise...I've been speaking through my derrière, based on incomplete information.

I was referencing the following note to the FY2020 accounts:



(Of course, in December one noteholder exercised its option in respect of one note with a $500k face value, which resulted in 2m shares being issued, so the balance of the notes @31 March 2020 was $7m - corresponding to 28 m shares, on conversion.)


But, as @hankreadon kindly pointed out, what I missed was the following event subsequent to balance date (Note 32, on page 71):



So, October 2021 is now the drop-dead date for the notes and the interest rate is a more palatable 6.4%.
(I think its safe to assume that, for the 12 months after October 2020, that Smartpay will have no need to capitalise the interest).


But what I found to be interesting about that note is the next bullet point:



It might have been articulated somewhere, but I don't recall seeing something like that being included when the Notes were issued in 2018.

I found it interesting that that specific comment was contained in the Annual Report, considering the relevant dates involved, namely that it was reported on 1 May that Verifone was terminating the agreement to buy the NZ business, that the Annual Report was signed off on 23 June, and that this clause forming part of the agreement with the Noteholders was agreed sometime between 1 May and 23 June.

But maybe I'm merely seeing things that aren't there...

.