the maths, page-8

Have to say that it is very unclear & having read the update again, it is more confusing. There would be two separate agreements, the share purchase and the swap. The share purchase would be at NAV and maybe payable by L upfront. AKK insists on a 2 year holding to prevent volatility on the SP. The swap at 6 months tenor does sound like a CFD, with gains / losses settling on a monthly basis, but .........it should be like a call option, with AKK profiting if the SP is above 10.2c. If AKK are paying for every month the SP is below 10.2c (a 33% premium to the price at signing) management should be taken out and shot, as it would be a gamble and miles out of the money?
to try to answer some specifics

1. Buyback could be part of the agreement / swap and that would make sense of the underlying being a loan, but dressed up to look like equity.

2. the payment for the share purchase has to be consistent with the articles of AKK, so very likely to be COD (really DVP, using the market jargon)

3 - 5. confusing, but covered above

I have to say i am a bit worried that my interpretation may not actually be right (and AKK pay L for SP below 10.2), given the ongoing decline in SP and the fact that it is now 5.xxx c, needing to appreciate by almost 100% to reach the 10.2c.