@john12 your understanding is incorrect. It's the other way around, those who have participated in the convertible note are required to pay their funds into the company (some now and the rest in January post EGM to approve the raise) and will receive their shares once the note is converted into equity at a maximum of 18mths. I understand that those 'sophisticated shareholders' that have committed to the convertible note were made up of a number existing top#20 shareholders, with only a small amount coming in from new interest. This Iam not unhappy about as it has significantly reduced the chance of any short term / hot money coming onto the register at this price. The other 'key international institutional investor' I understand is one of the funds on the register that is unable to participate in the convertible note raise, however has given commitment to take up a level their rights + a level of the shortfall to top them up to a 10% holding. Looking at the top#20 it's pretty easy to see which shareholder that may be.
Shareholders will know when / if any of the partly paid holders honour their legally binding obligations, as the company will issue an appendix 3b to issue the shares and disclose that it was a partly paid conversion.
It is a joke really that those who had in the money options at the time all elected to exchange them for partly paid obligations and extend their option / convertibility out by another 12mths + and now because the share price is not in their favour, they are deciding to hold out on the company and not honour their obligations, whilst seeing the company waste time and legal expense on trying to recover the funds owed.
The sad reality may have been that if the option holders did all convert back in 2017, the management team probably would of found a way to spend those $ as well.
