Ann: Resignation of Direction (M McMahon), page-26

I could be wrong but if you go back further you may find quite a bit more debt conversions and a loose and free issuance of "options" to some but not others. It was a comfortable rort for a long time that no-one questioned at the time or those that did got ostracised quick smart or attacked personally to try and discredit the poster and that was the long and short of it.

The debt provided a yield and the conversion carried the risk but depending on how the debt was recognised initially and then converted it may well have attracted some useful tax benefits from both sides of the capital arrangement. I think the mechanism was based on a sophisticated version of a zero coupon convertible preferential debenture and if one was to trawl deep in to past announcement as far back as 2009 you might find some detail which will elude to the type of debt and equity option involved. I would be fairly safe in saying whatever structure the debt was it would be favourable to the lender knowing who that is.

This doesn't even acknowledge some stripping and stacking that occurred when the carbon business was pulled out and it became a prawn sea horse company.

So much has happened since then it just isn't worth hunting down the detail unless someone is intending on doing a Class Action. Now there is a thought.