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Convertible notes and Monarch

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    In trying to understand this convertible note issue in the qrtly:
    Screen Shot 2015-01-31 at 4.21.25 pm.png

    Monarch were in the T20 list for 2012 and 2013 with 11,875,765 fully paid shares. I couldn't find anything identifying the note holders other than the mention in 2012:

    Convertible notes 2012.png

    and in 2013
    Convertible notes 2013.png

    However in 2014 it gets a bit better airing:
    Borrowings 2014.png
    and then some further explanation and taking up of interest owed

    Note terms 2014.png

    So my take on any merit in Monarch's claim would in part depend on which party had to give notice to extend.  Monarch is obviously claiming now that the $140,000 should (have) converted at $0.003 to 46.66m shares (currently about 3% of issued). The wording says that "the Company may convert..." suggests the option is at the Company's discretion not the note holder.

    2013 did not recognise any interest component and I don't see how $190,000 in 2009 @ 10%pa can now be taken up as $43,250 interest.

    Also an interesting alternative to claim damages of share value either at 4/6/12 which was $0.017 ($759,220) or current market value $3,796,100. Bit of a difference.

    Monarch do not appear on T20 list as at Sept 2014.
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