It merely points out that when the con notes are converted (and...

It merely points out that when the con notes are converted (and only if the unlikey (imo) conditions occur) that the company (Alexium) are permitted to issue the shares to the lender (GBP) without shareholder approval.

Im not an expert on these things but I think that the loan and the terms are quiet reasonable/favourable under current financial circumstances. There is unlikely (imo) going to be any dilution unless the conversion conditions occur. The warrants (just like options) arent worth exercising until they are in the money, at which point if exercised (@47cents), only means a small amount of dilution which puts more money in the bank for Alexium to push forward with their growing sales pipeline.

Any experts on this that can share some insight would be much appreciated.