Thanks for this Salubrious. I did eventually find the detail on...

Thanks for this Salubrious.

I did eventually find the detail on the Anti-Dilutive provision in Tranche 2... p12/22 of Attachment A to the Explanatory Memorandum from the EGM Notice released 25/05/2022... and I can see your point. Fair.

As for your table... I'm getting the $3m Options from Tranche 2 at ~142.86m shares... (3,000,000 / 0.021)... as I don't think they incur the (7.5% interest x 3 years), since they're not a loan? Song hasn't actually given them the extra $3m yet.

Per the bottom of p.2 of "Strategic Investment by Songtradr", released 5th April 2022... wasn't shareholder approval needed for the issuance of the Convertibles & Options in the first place, but not the subsequent exercise of them? And that was obtained by passing Resolutions 1 & 2 at the EGM held 22nd June 2022? So no more voting required by shareholders to exercise Tranche 2, as there is an Exception from 7.1/7.1A on conducting another vote on Convertibles under ASX Rules.

Clearly where we differ is on how we treat Songtradr, Wiltshire and White. I just see them all as a single unit, and that's why they have control. Songrtradr's Form 603 of 19th Sept 2023 makes clear Song+Wiltshire are Associates (no surprise) and combines their voting power. White's highly fortunate purchase in the private placement, that Jaxsta decided to do all-by-itself, for an amount just enough to give Songtradr et al control... does make me nervous.

In my opinion, you just have to lump Wiltshire and White in with Songtradr... and together they have control. That might not frighten you, and there are still some positive outcomes for you even if they do move for 100%... but given how strategically they've pursued their own interest against minorities thus far, I'm not ready to risk it. I highly suspect they will IPO Songtradr first, then come for your shares with their listing cash... and they won't be in the mood for offering a large premium, given they already control it.

I'll set a 2 way alert, and check back in future to see how you all get on. I really hope it works out, it's a great company! Will keep my fingers crossed for you. Thanks again for all the information, much appreciated.