I'm very worried about NTL as I believe they may be well aligned for failure.
Our #1 shareholder can't put any more money into NTL, until they have raised $3M without him.
The remaining $750k of his convertible note, which NLT already have already burned thru, will have to be allotted towards new shares bringing him back up to 20% ownership, right?
http://nzx-prod-s7fsd7f98s.s3-websit...861/413505.pdf
The amount payable for the shares will be NZ$276,375 (being 15% discount on the 20 day VWAP of NTL shares as per the terms of the Note). A full conversion of the Note to ordinary shares would contravene the New Zealand Takeovers Code threshold of 20% of NTL’s total issued share capital.