Also an interesting excerpt about the perpetual notes:The...

Also an interesting excerpt about the perpetual notes:
The carrying amount of the unsecured subordinated perpetual notes as at 30 June 2023 is $53.6m, representing the face value of $49.1m at issuance and capitalised interest of $4.5m up to March 2019, as permitted by the perpetual note deed poll.hummgroup has paid interest in cash due on the perpetual notes since March 2019 and has accounted for the interest paid as a dividend in equity. hummgroup has discretion as to the payment of interest on the perpetual notes; however, since the restriction date being 18 March 2021, if hummgroup elects to pay or declare any ordinary dividends to shareholders, interest accrued must be paid to the noteholder in cash.In limited circumstances upon a change of control, the noteholder may elect to convert the perpetual notes having an aggregate principal amount equal to the face value into 28.5 million ordinary shares. Prior to conversion, the perpetual notes have no right to share in any surplus assets, profits or ordinary dividends and have no voting rights.