Psi81Con notes are generally written so that (in this case) if...

Psi81

Con notes are generally written so that (in this case) if JKA wishes it can pay the interest and principle at 12 months.

If it cannot or doesn't want to the note is converted to shares at 11c. So I believe it will be JKA's decision.

The investor in this case probably does not expect to receive the money back. and has also received 20m 14c options for the risks involved.

In 12 months, if JKA was to cap raise $5.5m + int to pay back the note,any ssp at the time would have to be at a greater figure than 11c. or otherwise why bother.

lets hope we are back to 20c by then.

BTW anyone know who our largest sh is? Citibank Nominees is the front but who actually is it?