"It is not clear from the disclosures who holds the redemption...

"It is not clear from the disclosures who holds the redemption and conversion rights (issuer, holder or mutual)"

Well it's clear now that we held redemption rights and shareholders should be very thankful that we do. Conversion following any equity capital raising at these levels would have been very expensive.

"What is clear is that we need Mark to be on top of his capital management game over the next 6-12 months while these operating conditions persist and as the company looks to expand its product set and market coverage. That starts with ensuring that these notes are redeemed and not converted."

Good to see Mark on top of his capital management game. Very rational capital management. Redeeming early provides the company with more options going forward and reduces cost and uncertainty.

"The current CN facility was disclosed on 3 Oct 2018, in time to fund stocking for 2018 Christmas. Presumably redemption on or before 3 Oct 2020 should provide enough time to roll into another similar or alternate facility before stocking for 2020 Christmas."

Redemption by late July gives the company plenty of time to see how the share price responds to the introduction of the seniors watch and/or to finalise a new facility in time for end of year purchasing.

Any poor financial management decision-making here could have quickly undone/cancelled out a lot of good work on the operational side of the business through 2020-2021.

Top capital management game much appreciated by this shareholder.

Well played Mark.