I have no real comment on the Reduit delay, the Surface Hygiene...

I have no real comment on the Reduit delay, the Surface Hygiene carrot-dangling or no mention of KneeGuard in the announcement, but the business deal is interesting.
It's worth seeing this deal from the viewpoint of, say, if you were a businessperson, how would you want the deal done.

1. Convertible Notes issued at 12.5%pa interest. Better than the bank.
2. They are secured. Against what, I am not sure, but it puts you at the front of the queue if the company goes into Administration.
3. Maturity date of 18 months. Short enough.
4. Being able to be converted to shares at any time, at a 80% discount. This makes things even better - you get a double helping as you not only get interest on your money, but you also get a 20% discount on the shares.
5. Options. When it rains, it pours. 1 option is also issued for each converted share issued, exercisable at the same price for up to 3 years time

The above five points make this very attractive to those buying the Convertible Notes. They are not putting more "skin in the game", which ever way you cut it. They are as close to guaranteeing they are not going to lose any money. I am not interested in buying OBJ shares today, but I would happily put in some money into the Convertible Notes, as before the options you are near-guaranteed to make close enough to 30%pa on your money, even before the Options. These (potential) new shares and Options will dilute current holders. I am not saying that a businessperson should offer money cheaply, but this deal is very good for the privileged few.

There are many possibilities with the Convertible Notes, but the Note-holders are at close to no risk. What happens after 18 months (or before if there is a default event) and they all want to be paid in cash, rather than take shares? Will there be enough cash and what happens if there is not enough cash? Follow the money and you find out what people get out of it, sooner or later.

Looks like the Date for Determination is 2 June 2020 (see Part 7A - Conditions in the Announcement Summary), so I guess after that date is when the shares will trade again, but I am no expert of this bit. Trading was halted on 7 November, 2019 so that would have the company suspended for close to 7 months.