Ann: Drawdown of IMC Debt Facility and ASX Waiver Granted, page-4

The fact that it's mezzanine debt plus 60m options makes me a little bit cynical.

Let's say MOY does default on repayments, then one scenario is that shareholders are faced with a choice between ratifying a placement in payment of the debt to IMC, or declining the placement and facing the prospect of insolvency...

So IMC has 47.9% now... What's $20m into the the current $70m MCAP? another 30%-odd ownership on top of that... Makes you think, doesn't it.