EM2, page-225

If Bass does convert into shares, and there seems to me there's no other more attractive or feasible option (except to voluntarily extend the repayment deadline), it's not all bad.

I would do exactly that in Bass's shoes.

And I wouldn't flood the market with them, as happens after many CRs.

In fact I'd hold and be keen to increase their value, for the ultimate bonanza.

I still assume Bass is convinced of the ultimate value of this project, as I am.

A transformatory Ann could well be in the pipeline. And a string of useful news and monetisation.

Were very much riding on Bass"s beast here.

Though he'll have scored a scorcher with 4c shares in this case, ultimately we win together.