We need an Update, page-96

Does this mean in summary that Squadron have until 25th June to exercise the notes and convert them into shares @3.5 cents and if they don't then CTL will have to repay the debt of $2.5m.
The Board of CTL have done a great job of keeping the share price down and making the company as unattractive as possible to a future investor.
Also they don't seem to have made it a priority to manage their expenditure and accumulate funds to repay the $2.5m.
I hope the next announcement is not about how lucky we are to have the Rodgers family or Ian Gandel taking over the note but with shares @ .9cent in 3 years time.
The company's lack of communication means that they are up to something and as in the past it will be to the advantage of the board members not the shareholders