Luis. not sure about your assertion that they have reached a...

Luis. not sure about your assertion that they have reached a threshold - They have to issue a prospectus for all CR under ASIC rules, I believe.

They are limited under the Mt K deal to $80m of new funds and I believe they have used best part of $40m in the previous CR. So they could not have gone for $100, nor can they exceed about $40m in any new CR - UNLESS they have Mt K approval.

Re your last point of defer to Jan - not sure if MT K would raise an objection to this as technically it would trigger a redemption event as the $ were due and not paid, IMO. This may well be the major sticking point in the current discussions. If Mt K argue that any deferral of the debt payments constitutes a non payment of due debt then they potentially could challenge it and claim a redemption event. Would they - possibly not but it does make life interesting with LYC agreements.