I am trying to think of where I have seen it before. I am not...

I am trying to think of where I have seen it before. I am not sure of why the face value wouldnt be a simple $1 but surely if they are running with an issue price of $1 but a face value of $1.20 PLUS commitment shares etc then that would need to be disclosed in absolute detail.

If theres an extra 20% different between issue price and face value of the notes then this deal is one of the worst I have seen and I am not sure how they are trading if that hasnt been clearly illistrated in the announcement. The lender is already compensated with 'commitment shares' of almost $1m plus conversion at discount to VWAP and penalties if paid out early.

Upon saying that they havent clarified a few of the other terms (such as whether its the lower or higher of the two conversion options). How the ASX lets these announcements get through is beyond me.