1. convertible note holder 2. fs cash, page-3

Hi MR G

I must be missing soemthing. I just re read the ann.

The 10% is additional to the 20% for converting their notes prior to 17 May 2010. So any notes already converted must have been at a 30% discount. Right?

Rather than dragging it out until 17th November 2011, whereby ESI would be paying 10% interest on the remaining debt for longer.

The idea is to clear the debt sooner and relieve ESI of the interest rate payments, money that can be better spent elsewhere. and perhaps the 17th May was to ensure the 09/10 finacials are pleasing to the eye.

that was my take on it anyway. Tell if i'm wrong. i have been wrong before believe it or not


i'm off
tbedon