Ann: Notice of Annual General Meeting/Proxy Form, page-20

exactly - and if partnership or cap raise then there would be no need for this as well - the loan would continue to be paid off as per normal.

This is clear that they are tidying up their back of house in preparation for relinquishing control.
To me its clear that this will be a full take over in the making after running off the smell of an oily rag for so long, to be so content with writing off $1.5m not to damage the share price. Either super pigheaded with no regard for shareholder cash - or the times of worrying about cash in the bank are over.