HASR, page-12

You clearly don;t know what you're talking about, but you are asking nicely and so I'm explaining. 'Redemption' means repaying a loan, either at maturity or earlier, as you will find defined everywhere on the net

A very common bond feature is the early redemption right of the issuer (HAS in this case) if they want to reduce expensive debt and replace it with cheaper debt, equity or profits etc. Google that to, it's finance 101. HAS (not Wyloo) may redeem the loan notes after 2 years minimum if they choose as per this clause



As per the Exchangeable Rights, Wyloo (not HAS) may choose to have the loan exchanged for shares after 60 days (at the pre-determined price of $5.50).


Neither of these two options each party has the right to is likley to be enacted, because HAS doesn;t have the cash to redeem early, and Wyloo will not exchange $150M + interest for shares worth ~5% of that value @ $5.50 exchange rate.

It's really very simple... HAS was loaned $150M, is capitalising interest that will add up to ~$70M by Oct'25 (thus it is a liability not equity on the balance sheet) and short of a miracle Wyloo will choose cash redemption at maturity not share exchange at $5.50 to be repaid. This is basically a Convertible Note loan similar to what ASX junior spec stocks have been using to raise funds since Adam was a boy.

Here is an explanation from the ASX in fact, just google ASX convertible note raises and you will see hundreds of examples. The difference between this ASX description and HAS, is that instead of watering growing plants this HAS loan was poisoning the well for a Hail Mary effort to buy influence over NEO and a seat at the global West RE downstream table (that failed)...

Types (asx.com.au)