Birch was referring to Forrest's private company Wyloo investing via a convertible note in Hastings. Hastings purchased a stake in NEO Performance Materials with the proceeds. However, the terms of the note definitely had the risk priced in to this ambitious investment (Twiggy ia no mug). Hastings shareholders effectively footing the interest payments upwards of 12%. Not saying it was the only factor but the Hastings sp has tanked massively since the CN issue.
General Discussion, page-1306
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