Quote Originally Posted by Enumerate View Post
Final point ...

The full scope of the election process has not been put to Noteholders - there has been no mention of the full process including the potential for the company to payout cash to those expecting to get equity.
Thanks for your analysis and comments which are very helpful

However I don't follow your thinking above; I must be missing something.

The investment statement is quite clear. The company has elected to not redeem Notes for cash. Are you suggesting they might change their mind if Noteholders who convert to shares dump them and push the share price way down? Surely this was always a prospect in a situation such as this. Also, there would be howls of "unfair" from Noteholders who chose to hang on to their Notes.