What's the Deal?

While researching EWC I came across this transaction.
If anyone has a better understanding I would appreciate being educated.

So as I see it there is this guy, Winston Mandrawa.




He was appointed Director of EWC, 31 July 2017.
He works at Affirma Capital which was spun out of SCPE in an MBO around 2017 when SC was downsizing. The portfolio of assets was sold to Intermediate Capital Group (ICG).

In October 2018 EWC issued a US$50 million Convertible Note to Standard Chartered Private Equity (SCPE).
So Winston joins the board of EWC and then EWC raises $50 million from his old firm.

Then sometime in 2019, SCPE transfers the debt to Affirma, Perhaps because the sale of SCPE had been completed the transfer was part of the process. But for whatever reason, the transfer provided an opportunity to extend the uncertainty and bridge the gap between the resolution of the forestry land dispute and the rights issue. As Winston Churchill said, "Never waste a good crisis."

EWC receives documents from both Affirma and SCPE relating to the transfer and EWC claims the documents were incomplete and in conflict. Odd given that they were from one and the same organisation.

EWC lodges an application with the Supreme Court of NSW sometime in late 2019 and a case management hearing is set down for 6 March 2020 to resolve who is the owner of the note, SCPE or Affirma.

Just prior to the case management hearing, in February 2020, Winston resigns and a Director.

The Notes were payable on 21 October 2021. There were attached 101 million warrants to acquires shares in EWC @ $0.50. It is unclear whether Affirma also acquired the warrants...more than likely.

Then in March 2021, the forestry land ownership was resolved, clearing the way for continued development of the LNG Hub. Apart from the repayment of the Note, all issues were resolved.

And so right at the bottom, debt was swapped for equity in the capital raise.

Winston is a clever dude...