Ann: Commercial Dispute, page-48

But that was the original deal until Mac Wealth rejected the share offer (according to the Ann.) and insisted that the $10m was a loan.

"A Letter of Understanding (“LOU”) was entered into with the plaintiff in October 2018. The proceedings relate to a A$10 million payment made by the plaintiff to Integrated Green Energy Amsterdam BV (“IGEA”) in relation to this LOU. The payment was made in instalments between November 2018 and February 2019. The full A$10 million amount paid has been recognised as a liability in the books of the holding company.

"The LOU gave the plaintiff an investment in IGEA which would provide MWH with a 10% interest in IGEA and accordingly 10% of the profits from the IGEA facility. This option was then rejected by the plaintiff. In the absence of adopting this investment approach, the A$10 million payment was to attract an annual interest rate of 8.5% over a 4-year period, from June 2020 to June 2023, with repayments on the basis of the following table..."

Nevertheless IGE has continued to list Mac Wealth as having a 11.1% holding of 46,000,000 shares. yet still listing the $10M as a loan.

Which is it? a $10M loan or a $10M holding?