Hastings in big painfrom my CEO post:
Wow! So two years ago, Hastings was over Aus$4 per share and financed the Neo share purchase with a convertible deb. with a coupon of "Bank Bill Swap Rate" plus approx 5 basis points (BBSY) plus 9%. From what I can see, they must be paying about 13.35%. These debs appear to be convertible at Aus$5.50 per share and mature August 2025 unless there's some fine print I'm missing. Currently, Hastings trades at Aus $0.26. Obviously, this busted convertible is likely to lead to Wyloo owning the Neo position or control of Hastings.