Ann: Notice of Annual General Meeting/Proxy Form, page-7

I'm unclear on the Convertible Notes issue - there being 390m or 420m of them. The general financial state is detailed on p24 of the A/R. Moreover, it states that since there is no formal financial structure then all financial issues are carried out by the board. These notes appear to be approved by the board and appear to accrue to some members of the board. On p48 it states that the effective interest rate on them is 22% - more convertible notes being issued to cover the interest component. These are accumulating to the directors so far as I can see. Is there a contributor with the relevant financial knowledge who can enlighten us please?