Ann: Corporate Presentation, page-38

I own plenty of companies that aren't in the green. I like most just want to see a pathway that doesn't involve massive value destruction to supporting shareholders to get to green. Not here.



Something else to ponder on the Con Notes (particularly the second list of capital strike)... from the summary of material terms: ...

"The Note Documents include typical events of default, including, amongst other things, the following (in summary): ...

• material breach: the Company fails in a material way to perform any material obligation required of it under the Note terms, and if the noncompliance can be remedied, does not remedy the non-compliance to the satisfaction of a Noteholder majority (acting reasonably) within 15 business days of written notice by a Noteholder majority to do so;

• unable to carry on business: After the Issue Date, the Company group becomes unable to carry on its business in substantially the manner in which it is carried on at the Issue Date;

• Insolvency event: an insolvency event occurs in respect of the Company and if capable of being remedied or withdrawn is not remedied or withdrawn within 5 business days of the insolvency event occurring; ..."