Ann: Cleansing Statement, page-13

I understand these to be "Security Shares" to carry the debt, those are issued at prevailing market prices, the massive flaw in the Con Note structure is that the Security Shares seem to be able to be sold to effect the VWAP for the day when the holder chooses to convert their debt $$ balances into shares.

So the real question is who's doing all the buying of the Con Note shares ?, ready and waiting hands ? related hands to the Con Note holder ?

Also what everyone should further be aware of and ask about, is the Default criteria on the Con Notes which gives the holder the right to call in the full settlment of the debt, it would have to have been in play now for weeks by my estimates, yet there's been no announcement regarding it so I assume the Note Holder is not yet wanting to take that option because they're more interested in getting their debt converted to heaps of cheap shares.

see below, from the AGM Meeting resolutions announcement 16th April 2024, which all recently got passed at vote

from my understanding and observation Default condition (c) below would definitely be in play as we've have more than 10 days of daily VWAP below 1.5cents already ??

So hence, it is very starange that it hasn't been triggered, which is why I land on greed and getting a massive fill



I also think that AAU's updates to the market have been poor from the perspective of informing on progress of the Con Notes, their drawn down versus converted status etc etc, AAU may have been compliant to the minimum standard of disclosure but I don't think they've been overly pro-active on this front in face of the decimation of the share price.

For anyone wanting to see another example of a recent Con Note (with restrictiction on being able to trade off the entitlements of the non-listed warrants in that example), just check out how AUC - AusGold structured their $3M Con Notes in the last couple of weeks.

So Patras has assumed the mantle of Bad Guy here and is doing the sellign of the shares, but like I say:
- who is doing all the buying ?
- who is getting their fill ?

btw and to disclose - I have recently topped up and bought, as it is my opinion this is massively greed driven, but I may be wrong