Yes - although probably irrelevant for this loan

As it either gets repaid at a big premium or capitalised.

More relevant for the other debt, which likely has a similar interest rate. Hopefully irrelevant and not set for repayment out of club cash, but rather by sale to another investor on exit.

It does mean though, that the shares are likely worth not a lot as all the value is in the debt.

Posted By: SimonOTBC, Sep 4, 10:45:58