hybrid terms, page-5

Simple answer is that you need to balance between SRS and PXUPA holders.

Not accepting - is accepting the status quo as SRS holders will not vote to issue the shares required to give 4000 per PXUPA. If they did, they'd be completely diluted out and therefore, even at 2c a share, there is more value for them to ride the current wave.

Both SRS & PXUPA holders are holding inflexible and undervalued shares because of the status quo and they know it. That's why it has taken a considerable amount of time to negotiate between the major holders of both to reach a fair and equitable number for conversion.

Failure for the deal to go through - doesn't result in 4000 being issued. It just returns to status quo. An inflexible ownership structure and a share price that doesn't truely reflect the current operations (because of the uncertainty).