GK Q&A, page-58

60,000,000 Convertible Notes are held by the original Triaxial investors, who accepted Notes in lieu of cash (that the company could not afford to pay) at the time of the reverse merger.  These Notes can be progressively converted into 60,000,000 fully-paid shares should certain milestones be met.

There is another provision in the Agreement (paraphrased for convenience): At any time before the full conversion of the Convertible Notes, if a third party acquires the beneficial interest in more than 50% of the issued ordinary shares in the Company and the Company is valued at $20,000,000 or more, then the (outstanding) Convertible Notes become immediately exercisable.

The Triaxial shareholders already own a significant number of Novogen shares, and another 60,000,000 would give them a blocking stake should a full takeover bid be launched.  If a suitor offered say $3.00 per share I think many small shareholders would accept, but the position of top-20 shareholders is less clear.

That is as far as my crystal ball can see.