Ann: SFG PSD Equity Raise, page-25

I take the view that this is not a great deal for Ian Trahar. As part of the deal, he is converting his existing loans (where he is presumably a secured creditor) to equity (where he is an unsecured creditor). Maybe this was forced by whomever is providing the debt finance (and it is just a guess that there is going to be some) so that their debt could be adequately secured. Since PSD is Trahar's grand vision, he is probably OK with the deal as he is convinced that it will succeed. As I say, it is all guesswork on my behalf so DYOR.