SVH: Posible Multibagger, page-7

The note in the annual report explains the bond situation. Looks like SVH exchanged a lot of options in return, with a price a lot higher than today mind you, and some other clause regarding a 15% PA internal return on the bonds. I have to admit I don't understand the complexity of this, and what that actually means. Perhaps it's simple, so if anyone can explain that plainly that be helpful.

Bottom line is, I think the current cash position of the company would be precarious at the moment. It has to be doesn't it? USD8m in bank at Jan 18 update however, USD2m bond payment coming up, ongoing interest, small quarterly instalmemts of Nepal debt falling due and the business still cash flow negative as of Q2 update.

What the other properties as well? Looks like The Millionaires Club is losing money, and I think the other property is just a management aggreement right, not actually owned by the group? So, not much help from the other properties either.