Netlinkz Ltd, page-11

The ARIE Trust isn't a 'subsidiary' of SCM and never has been. SCM was the RE of the ARIE Trust - but is no longer the responsible entity.
What you are suggesting is that the Top 40 shareholders purposefully use high cost debt to enrich themselves and then also use equity capital raisings to pay themselves back - which would be nonesensical if true - because the Top40 shareholders ( your words) would be acting against themeselves as shareholders.

You use the expression 'risk free loans' -but you also have stated that the company is a high risk proposition (or worse) on many occassions - so by your own argument(s) either the company is high risk and not investment grade OR not- you cant have it both ways and be taken seriously..

IF the loans were secured some argument might be made- but all loans have been unsecured - so the debt instruments used have always looked more liek expensive debt than equity to me....

The simpler story is probably more accurate- the company. has always been 'starved' for capital - given its busines model and developmental trajectory - and access to equity and low cost debt has been constrained.

As revenue increases access the company's ability to access less costly debt//equity will increase - pretty standard stuff.

The conspiracy theories and 'implications' that you refer to don't really add up.