Maybe you can help me out here. I'm confused. The terms on the...

Maybe you can help me out here. I'm confused. The terms on the new CNs appear identical to those that attached to the Altor Notes. Those terms were for lifeboat finance. I understood that only the initial tranche of the Altor loan (US$1m) had been drawn and then subsequently converted into shares. Is this new issue a substitute for the second tranche of the Altor loan (i.e. the Altor facility has been reduced)? Or is the Altor loan also still available to draw?

If the announcement relates to an additional financing then I'd agree it seems odd that such terms were necessary given the apparent encouraging outlook. Would beg a question (or two).