We did ... right at the start of the commentary:
Also, discussion of the "death spiral" is also a de facto discussion on conversion.At current prices, they have a market capitalisation of about $12m. There are $20m of the NZF010 - 60% conversion to shares means that the NZF010 holders will own 50% of the company!
In fact, my view now is that conversion to shares is the best path forward.
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