Ann: Trading of Shares from Convertible Notes, page-21

"Had con notes not been issued in the first instance"

Hmmmm, not entirely sure about this and whether it's a little bit too much Harry Hindsight in this statement, here's some other recent Con Note announcements that did not involve Patras Capital and those company shares did not get savaged upon issue:

• AUC - AusGold -14/5/2024 - $3M Notes through SCP Resouce Finance with sp at issue 2.5cents (lowest Close since issue 2.5cents)
• AJX - Alexium International Group - 28/12/22 - $7M Notes issued through Colinton Capital Partners with sp at issue 1.7cents (lowest Close since issue 1.1cents)
• BC8 - Black Cat Syndicate - 10/1/2024 - $9M Notes issued through Rich Link Capital with sp at issue of 24.5cents (lowest Close since issue 19.5cents)

those examples and share price data suggest that the Note Holder in those situations acted within the terms of the Deed and not against the interests of the company share prices.

yet here we have Patras apparently selling Security Shares wihout first converting them to curate a VWAP beneficial to their retrospective conversions ?? Either you believe AAU in the update announcement that this is what happened or you don't, but if you do it's 100% about the conduct of the Note Holder wrt to the savaging of the AAU share price.

Anyway, Patras have no more shares to dump and the benefactors whoever they be, have had their cheap fill supply dry up.