I am the voice of reason, except the ignorant and ideological...

I am the voice of reason, except the ignorant and ideological cannot be reasoned with...

Exchange rights "exchangeable at the option of Wyloo" could be clearer but the meaning is obvious... convertible into shares at Wyloo's election.

Otherwise it is a garden variety convertible note loan, with notes issued at 3 year's to maturity and thus the loan repayable in 3 years (redeemed) to the note holder. A loan is a loan, and repayment at maturity is so obvious there is no need to spell out the definition of redemption for cash because it is self-evident. Seriously dude, there are only 2 simple choices.... Wyloo chooses to exchange loan repayment for shares in lieu of cash, or they stick with having the loan repaid in cash like 99.999999% of loans always are.

HAS have chosen to capitalise qtrly interest by issuing more notes, which will add ~$70M to the loan principle by Oct'25. Even you can see this is happening each qtr. NEO shares could be worth anything mid 2025, let's assume ~$75M (half original investment). HAS needs to come up with ~$150M to repay Wyloo if Wyloo does not elect to exchange for shares.

HAS MC is currently <$50M, who knows what price HAS will need to issue at to raise $150M Oct'25, but do you see the maths problem? If Yangi is seen by the market as not worth $150M for reasons of RE market and Yangi sliding into stranded undeveloped asset situation, then nobody will put iin $150M for an asset worth only $50M right. HAS simply might not be able to raise $150M cash or even close, even at horrendous low and dilutionary share price.

In that case, Wyloo will have sit down and do a deal with HAS, because Wyloo will not be getting their loan + interest back in cash like it or not. Wyloo will either take a haircut and absolute majority stake in HAS in lieu of cash repayment as part of a board deal, or Wyloo as secured creditor will call in liquidators to sell off Yangi assets to get repaid. Wyloo will then out in a bid for Yangi higher than market, lower than their $150M loan, and then assume 100% private control of Yangi and write down the loan against this asset whatever they think it;'s really worth.

Maybe the RE market goes for a bull run and Albo coughs up a $500M grant to Yangi as part of his Loss Making Stuff Made in Australia with Tax Payer Money strategy and HAS shares rise so they can repay the loan with a CR (or HAS runs above $5.50 and Wyloo exchanges the loan for shares at $5.50 after all)?? The situation and options on the table are clear to those with eyes open, the final outcome is still unknown...

GLTAH