My understanding of the equity swap is as follows, please...

My understanding of the equity swap is as follows, please correct me if wrong.  The table below was prepared based on information taken from the company announcements; we know AKK received A$4,513,500 on 8/12/14 (see notice substantial holder).  Equity Swap runs for 6 months (as per company announcement 3/12/14), hence monthly equity swap amount would be $4,513,500 / 6 = $752,250.  Benchmark share price is $0.102.  If share market price is the same as the benchmark price i.e. $0.102 then Settlement Factor equals 1 meaning, AKK does not need to refund Lanstead.  If share market price is below benchmark then AKK needs to refund. Apparently AKK has refunded 884K!!!! already.  Based on info provided by other poster probably Nomura will continue shorting the stock in the best interest of Lanstead.  Assuming that is the goal, the table below shows the settlement amounts based on a declining share price.  Guess what? Lanstead will own 64,900,000 shares at a price of $0.02205 per share.  It is likely they will be buying shares with other entities.  The share price will skyrocket in the future for sure when they make an exit, but need to wait until 8 December 2016 (2 years). So in the meantime good opportunity to accumulate at lower prices.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	Date	Subscription Amount (A$)	Benchmark Price (A$)	Share Market Price (A$)	Settlement Factor	Settlement Amount (A$)	Refund (A$)
1	8/12/2014		0.102	0.102	1.000000
2	8/01/2015	752,250.00	0.102	0.043	0.421569	317,125.00	435,125.00
3	8/02/2015	752,250.00	0.102	0.041	0.401961	302,375.00	449,875.00
4	8/03/2015	752,250.00	0.102	0.035	0.343137	258,125.00	494,125.00
5	8/04/2015	752,250.00	0.102	0.03	0.294118	221,250.00	531,000.00
6	8/05/2015	752,250.00	0.102	0.025	0.245098	184,375.00	567,875.00
7	8/06/2015	752,250.00	0.102	0.02	0.196078	147,500.00	604,750.00
8		4,513,500.00				1,430,750.00	3,082,750.00