I don't believe the statement was meant to infer the debt would...

I don't believe the statement was meant to infer the debt would be lost or written off. Long way from it.

"the recovery of the unsecured loan is less likely as it depends on the profitability of Aquenox or on Aquenox listing on the ASX, the debt being converted to shares and those shares being saleable for sufficient net proceeds to receive the full amount of the debt"

Firstly the $1m loan. They said it is likely to be repaid in due course. Where is that coming from. They have either made some sales or more likely raised funds from another source.

The statement above says to me (gotta read between the lines) that aquenox will do it tough initially in its quest to become profitable and could not afford to repay such an amt as an unlisted co in the initial years. One would think they will require every bit of profit they can generate to fulfill requirements to float. So that leaves listing on the ASX. It could be another 6mths or a year away, they wouldn't be able to sell for a certified period and they won't settle for anything less than the full amt which would mean the s/p would have to be north of 20c(listing price?). That could take time .

I think the best we can hope for over the next few years is for the debt to be converted to shares and have them sitting there as an asset in the background.

Now the darkhorse here is Bioglobal which may end up floating first as the above statement quietly says to me Aquenox may take a while.. We have around 20m shares here so a successful float at 20c+ would make cnn's assets look very attractive.

Then there are your uranium tenements. And as they stated they have sufficient funds in the short term to get them going and will raise furthur funds as required.

It would be nice if you could get along to the meeting to update my theories cause thats all they are.

No way PV would writeoff $5.1m or produce a dud.

Cheers