Ann: Blue Sky H1 FY19 Results Update, page-79

ok, so what we are approximately 1 week away from what blue sky is saying is a breach of the terms of the loan agreement with Oaktree, you gotta think that oaktree are sitting there thinking to themselves, do we want to negotiate or do we just take the company?

Share price is dropping about 10cents a week, without an announcement that Oaktree have agreed to waive the condition, its only going to continue to drop.

This can really only play out a couple of ways:
1. Oaktree say sure without conditions (not likely would be out of character for them)
2. Oaktree say sure, but we want to change conditions - the conversion price for the shares would be the obvious thing to change.
3. Oaktree say please give me back my 50million plus the balance interest of 40million (ie 90mil) and walk away at which point blue sky have to do a capital raising for the 90mil....

Honestly I think option 2 is the most likely - cut the conversion price down to a $1 or something