Thanks Hawk! I accept that is a perfectly valid view, forcefully...

Thanks Hawk! I accept that is a perfectly valid view, forcefully argued, and I also thought that way at first. But...

"All metrics are at all time highs." - except now the 94% customer wants the ability to talk to other suppliers.

"Costs down income up." - that's backwards looking. If volume falls by 17%, or pricing falls by 6.9%, DOC will no longer be a going concern.

"Expected profit in this quarter." - but no revenue guidance for Q2/Q3 or beyond? What if the new deal is at a lower price?

"why offer 10 million at the most generous of terms known to man?" - they've only offered £5.4m, the other £5.2m was repaid by Axia's proceeds.

"There are much easier ways to get your $$ back than convert it to share equity / conversion notes" - like....? Use the £6m in cash, & DOC would've been insolvent. Raise the £10m in shares, & you would've had >50% dilution at the prior price.

The big worry is that AXA looks primed to walk away, they've got half their money back, if the stock bounces they can dump the other half. If not, they can just let the £5m Convertible Note run its course, de-risked by 50%.

I've seen no statements from AXA that they are happy with the relationship. Just that they want continuity for now, but no time frame given.