today's the day, page-51

Had a re-read of Appendix 1 (terms of the convertible note).

My original interpretation may be incorrect in a couple of respects.

1. I'm now inclined to think that the Notes can't be repaid before the first anniversary of the issue date. so my 'perfect world' scenario is probably not possible if this interpretation is correct.

2. The 20 day VWAP period is the 20 days PRIOR to to the date ZYL issues the conversion notice to note holders. This is is interesting, as, the way i interpret it, the VWAP will have already been determined by the time ZYL issues the conversion notice to note holders. As ZYL can issue a conversion notice at any time during the 30 day period after a quarterly, half yearly or annual report, it would take a concerted effort to suppress the share price over the potential VWAP periods, JUST IN CASE the company chooses to issue a notice at that particular time.

Anyone else got a different interpretation?

Do others interpret these terms this way?