Ann: Corporate and Project Update , page-37

I would have thought that PAX's long term shareholders would gladly chip in collectively with a reasonable con note to raise some short term funds for PAX if they are that desperate...and provided there is some evidence of light at the end of the tunnel.

Interesting that the bit that Graham picked up - that the 18.5% discount could be be varied (amended or altered) "acting reasonably" seemingly to whatever discount 'they' want (as stated in the Notice of EGM) - was never mentioned in the original ASX announcement in November 2011.

That's a tad naughty....