We've narrowed the scope of one part of our balance sheet restructure. The early-conversion discount will not apply to all options on issue, as originally flagged. Instead, it will only apply to the options attached to the convertible notes held by Pure Asset Management and Phelbe Pty Ltd, and we'll only put that to a shareholder vote if ASX first grants the waiver required under Listing Rule 6.23.3.

Work on the broader two-stage restructure is continuing, and we now expect the EGM to be held in late September 2026. This timing still sits comfortably within the deadlines set out in our existing convertible note and financing arrangements, so nothing here changes the overall plan.

Ahead of the meeting, shareholders will receive a Notice of Meeting with full details of the resolutions, along with an Independent Expert's Report. That report is required because converting the notes could take a holder's voting power above 20%, which triggers a specific resolution under the Corporations Act. Phelbe and its associates won't be able to vote on that resolution.

We know restructures like this involve a lot of moving parts, and we'll keep you updated as the documentation progresses. If you have questions about this announcement, please get in touch through the question box on this page.