Thanks Suzza for contributing.(I have been doing more research...

Thanks Suzza for contributing.

(I have been doing more research on this since the post and worth updating.)

Firstly I probably should note that the put 3 year term option expired 12th April 2024 with no holder opting for that path as basically more money in holding on, that particular pathway has been closed now, with the current options being the final ones as laid down at expiry.

Options for debt repayment as I see it -

1) Equivalent value shares are taken up at conversion price $6.35 to convert debt into fully paid shares. Now interestingly the company buyback as announced was to offset any dilution due to conversion which says to me the company management believe that the SP will recover to that price minimum (or likely higher) by the due date 12th April 2026. This is very confidence building.

(Overall though who knows the future and the market. It may or may not, if it does, great for everyone! If it doesn't, it's not a big deal in terms of this debt, given WEB is a growth stock.)

2) If the SP hasn't recovered to that price by the date, the debt holders would I imagine request payment. For that, they may offer to refinance the terms or request WEB refinance the debt elsewhere to pay them. I believe both are viable options as maintain cash reserves for investment\growth.

3) Do a SPP to repay the debt. This is extremely unlikely but another option. Given they have an active buyback which may secure at current prices around 32 million shares for 150 million, they could spp a similar amount if the price was well above average buy back but below the conversion price possibly netting the company a very nice net profit on its own shares. I don't think this is likely though unless the price is just below the conversion.

I am very much interested in why the buyback now as it is 1 year and 4 months from when the debt is due or is it aln early shot just to block shorters\support the SP through showing company confidence, I think possible. Is it even possible to increase or extend the buy back later? WEB have plenty of cash (though a buyback is only a good investment if your sp is likely to increase greater than the value of acquisition, infrastructure improvements or investment).

A good series of news and mid year result 05 I believe could see the stock return to the 6 dollar mark well before that due date which would make this buyback a stroke of genius for 2025.

DYOR.