If I could step in here, krusty.The long and short of it is they...

If I could step in here, krusty.

The long and short of it is they don't fall due for another three years - Oct 2024.

Without going into an analysis of the full terms of the notes, as best I can tell from the info provided at the time of the AOS acquisition, HTG has early redemption rights on certain conditions - providing notice and paying out all outstanding interest due. Shaffer and Gangus do not have early redemption rights. They are five year notes with a 9% coupon, convertible to shares on maturity.

So Harvest is in control as much as they can be.

Current SOI means they represent a decent chunk of issued shares. But who knows what the company will look like in three year's time? Will the company and/or a US subsidiary be partially or wholly (dual) listed on a US Exchange? Will an offshore fund or industry partner take a cornerstone placement? Will there be further placements/CR's? If so at what price and how many shares? What effect will that have on overall SOI?

More importantly for us mere mortals, what will the SP be in 3 year's time?

If the notes were due next year, different story. But they're not. To me that suggests all the parties, Harvest, Shaffer and Gangus, have taken a long view of the company's evolution into a significant player on the global stage.

I'm happy enough with that.

To be blunt, my sole focus now we're in Phase 2 is on execution and what that means for the SP going forward.