Ann: Application for quotation of securities - IMM, page-15

From the annual report:

The 13,750,828 Convertible Notes issued have a face value of $1.00 per note which are exercisable at a price
of approximately $0.17 per share (adjusted for post share consolidation and anti-dilution clause), mature on 4
August 2025 and accrue interest at a rate of 3% per annum which may also be converted into shares.
Conversions may occur during the period (i) at least 3 months after the Issue Date and (ii) at least 15 business
days prior to the maturity date into 50 ordinary shares of the Company per note (subject to customary
adjustments for rights or bonus issues, off market buybacks, issues at less than current market price, share
purchase plan, dividend reinvestment plan at a discount, return of capital or dividend or other adjustment). If a
change of control event, delisting event or event of default has occurred, Ridgeback may elect to convert the
notes into shares or repayment of principal and interest. The Convertible Notes rank at least equal with all
present and future unsubordinated and unsecured debt obligations of the Company and contain customary
negative pledges regarding financial indebtedness, dividend payments, related party transaction and others.

The change of control event allows them to exercise after change of control. So unlikely they would do it before.