Below are extracts from the Second Supplementary Scheme Booklet I believe are relevant to your questions. They should be fairly self-explanatory. Main points are:
(1) The loan would need to be repaid within 60 days if the NO vote is successful.
(2) Conditions of default apply that are normal to such loans, requiring loan repayment within 5 business days if one were to occur.
(3) The defeat of the Scheme does not cause a default.
(4) An interest rate of 6% pa applies, and a default would occur if a non-payment occurs during the 60-day period.
(5) Non-payment due to a condition of insolvency would cause a default, although the Board reiterates its belief that it should have no problem raising any required funds via various means to avoid this.
(6) The intellectual property arrangement, should there be a default, simply confirms the terms of the licence already held by Pfizer for the COVID-19 test development. It is non-exclusive and Pfizer only retains the right to its share of the intellectual property jointly created. Pfizer cannot use the IP to develop a COVID-19 product independent of ResApp.
(1) Loan Repayment Term
(2) (4) & (5) Default Terms
(3) Scheme Not Approved
(6) Intellectual Property Ownership
Cheers
RAP Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
