TXO - Re: TXO Stream Log - Looking at the 21/01 Financing...

Looking at the 21/01 Financing Update RNS the total o/s unsecured CLNs as of today appear to total a fairly modest £509k. I have not counted the Oct.2016 CLN = £500k as this is fully secured by a charge on GBG shares equivalent to 13% of GBG. It is inconceivable that the holder of this £500k note would swap the note for TXO shares anytime soon. If I held the note I would never convert, preferring instead to sell the GBG state to recover the 'loan'. Accordingly it won't become an issue or debt for TXO for a long time if ever. It is, however, unacceptable that TXO shareholders have not been given a corresponding Note or similar by GBG verifying the debt owed to TXO for the issue of the Oct.2016 Loan Note. It is a strange 3 Way deal, but as it stands GBG owe TXO £500k in respect of the money they drew down directly from the CLN Facility.