Have to say I did not expect this - had virtually consigned...

Have to say I did not expect this - had virtually consigned myself to CSD being a tax loss in the next year or so.

Terms of the loan are not unattractive:

(1) 3 year term
(2) 6% interest
(3) No right to convert debt to shares presumably to avoid FIRB approval (good outcome for shareholders unless a deal is done later by the BOD).
(4) Unsecured debt

I have not paid much attention to the Auctus deal as I did not think Ralf had a hope in hell of funding it (clearly he has skills I had not anticipated though I suppose he did save CSD once before when it looked fairly impossible). I have no idea why Cyan would provide an unsecured loan to CSD though presumably there are covenants in the loan agreement that prevent CSD from taking on additional debt or significant liabilities so Cyan as the primary lender would have rights to liquidate CSD and recover what they could from the liquidated assets after statutory and staff liabilities. It could be a secured loan may have created a need for FIRB approval I am not sure.

It is going to be interesting what the market makes of the acquisition.