Ann: Refinancing of Debts, Sale of DaKine, New CE, page-8

re: Ann: Refinancing of Debts, Sale of DaKine... It is an interesting deal. Launa must,feel like Julia Gillard with the blood dripping from her wounded back. The vultures have struck the first blow.
BB could not pay single digit interest rates now it is stuck at 12%.
You will note in the fine print that the 35% interest rate on the convertible note is until they get shareholder approval then it reverts to 12%.
You will note the back door equity scheme embedded in this document that they have an option to pay all interest in cash or kind (meaning new shares) 35% is mafia rates and they know it. Of course they won't have the cash to pay but they can pay in shares how nice, more dilution.
The boss man has options rather cheap so the 40% stranglehold mentioned will slowly creep up as they flog off every last bit and leave it as a cash cow to fleece some other Aussie company caught in the same position. Dont know what is in it for shareholders, the Board have certainly crawled back under the rocks from where they slithered from and unanimously supported this act of treachery.
Good luck one and all ...the bong is going one way now and it ain't where people think. I think you have been duped but thats just my opinion.