I have zero concern about your disclosure. You can do as you...

I have zero concern about your disclosure. You can do as you wish with your holdings, or non-holdings. You can be as cynical, or non-cynical as you like - it won't influence the financing of NXE. Good luck to you either way.

Waiving the fee is an illogical move for Arena if they were choosing to withdraw the credit line. On the flip side, waiving the fee is still very much an incentive for NXE to feel comfortable drawing down additional funding without exposure to penalty fees for not drawing down all the credit. In basic terms, Tranche 2B would still be available to patch the company over without the need for any further Tranches / penalty fees.

I think it has all been necessitated by the delays in 2A issue / conversion notes so to be honest its a bit of an empty debate. We won't agree on this so no point in us going in circles with it. With regards to the delay, in the 15th August announcement regarding waivers and approvals it's stated that:

"...Tranche 2A notes [were] issued in July 2018, also with an 18-month term." 

Regardless of what the plan was in the May 22nd announcement, the notes for 2A were issued in July probably from a May / June draw down (more likely June but who really knows as the reports are all over the place?). There's no way Arena would issue 2B capital in the same month they received the 2A notes (i.e. July). My reading of the May 22nd announcements and subsequent issue dates suggest Arena expects about 2 months between Tranches, but NXE went ahead and stated in their 22nd May announcement that it would be June / July. Classic optimism from MUS NXE .

As we've both stated, it was the 3rd week in August that market cap dropped under the threshold. Given the apparent delays with receiving 2A and issuing the corresponding notes in July, the time frame just seems too tight for issuing more capital in July or August. It's borderline, but I'm pretty sure everybody at Arena and NXE could see the problem with issuing capital in August and NXE went ahead with the private raising as Arena graciously waived any termination fees. Let's not even speculate how the consolidation might have impacted the Con Note Deed.

The lack of cohesive transparency in this process form NXE is not unexpected but I am pleased with the collective join-the-dots exercise we've completed in this thread. It might otherwise have been an impossible tale.