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.
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