Ann: Application for quotation of securities - CLZ, page-45

Thanks Tipster. Can I ask,when you say a liability when not redeemed,what do you mean? (Forgive my lack of knowledge)
Does it mean like hypothetically,things got operational,maybe a profit could be on the horizon and then bang,holders of the con notes want out and the company doesn't have the money to pay them....& each con note was worth 25 grand but the individual share price payable on them is 15 cents,is that right?