Ann: MD Deemed Loan Repaid in Full, page-38

I'm not sure I follow your logic on that. If you issue 50m free options to someone, then give them a "loan" to convert those options into shares, which at 2c are worth $1m, and then the person sells those shares in order to repay the loan, with $20k in interest, there is still a cost to both the company and shareholders, it's just not direct.

No the company is not out of pocket directly, but it is out of pocket the exact amount of money it could have received if it issued those same shares directly to the market at 2c or 5c or 50c in the future.

The fact is though, we all knew about this a long time ago, so there's no point getting upset about it now that it's finally resolved and the loan has been repaid. We can debate for the rest of time whether it was right to issue those loans but it will achieve nothing.

Now it's time for us to all focus on the future. Focus on them actually achieving success.

This move was inevitable, repayment was going to occur and the only way it was going to happen was by selling the shares to someone with the money to actually pay for them.

If today shocked anyone, you haven't been paying enough attention as nothing about it was unforseeable.