Ann: Appendix 3B-ADO.AX, page-72

Do Bergen have the right to convert USD2M(1.5 + .5) into shares in ADO at current prices ?

If the answer is yes, then we have been screwed.

End of story.



Or does the conversion take place in 2 years ?

Another story. Hopefully way better.

If ADO go for another USD4.5M to meet the earnout then that will be VERY dissappointing. And yet frankly I thought the earnings would cover the earnout ? ie. they only get the earnout if the earnings are there ?


And TB, nothing deceitful going on here, its the search for clarity that is going on here. Downramping is not my thing and I have very little believe that what I say would change anything. Have to have a lot of respect first. I am just trying to get my head around the tricky financing.