RE: A pleasing RNS25 Sep 2025 18:42
I went to the website and found the answer to my own question this morning, why they couldn't include the notes to the accounts on this mornings rns I dont know, as I was advised they need to find $50k by October 2026 or converted into shares. That's a red flag for me, gla
"Note 20. Borrowings 30 June 2025 30 June 2024
Non-current $'000 $'000
Unsecured
Convertible note (i) 51,315 45,701
Total borrowings - non-current 51,315 45,701
(i) Convertible notes
The Company has issued two convertible notes to Magna International Inc. with an aggregate principal amount of $47,500,000. The notes are convertible into ordinary shares at an adjusted conversion price of GBP £0.0995 per share, subject to adjustment, up to a maximum of 386,405,006 shares, and are subject to a 9.99% beneficial ownership cap. Interest is payable at 6% and 8% per annum, respectively, and may be paid in cash or, at the Company’s election, capitalised and added to the outstanding principal. The effective interest rates applied to the liability components are 13.14% (Tranche 1) and 11.84% (Tranche 2). The notes mature on 4 October 2026 and contain customary anti-dilution and adjustment provisions. In accordance with AASB 132 and AASB 9, the notes have been accounted for as compound financial instruments, with the liability component recognised at amortised cost and the equity component recognised in equity. The liability component is subsequently measured using the effective interest method. The equity component is not remeasured. Upon conversion, the carrying amounts of the liability and equity components are transferred to share capital."