Equity v debt, page-14

if you have a look at the term sheet for the debt - which is filed with ASX announcements you will see it carried a coupon in excess of 16% with an upfront face value discount of 9% large draw down and repayment bonus and a royalty - talk about dilutory - that crux interview was a complete waste of time - what answer did he want? the debt terms were usurous and equity was a much cheaper and safer route to pursue . Mark is a businessman- he is not going to bite a hand that he might need a feed from in the future