Must, I think you're missing the point about the issuer converting ( as I read it) ONLY AFTER ZYL issues notice of it's intention to repay the note. So the timing of any conversion (again, as I read it) appears to be in ZYL court, not the note holders. Furthermore, the VWAP price will already be set at the time ZYL advises it will repay the note, so the price can't be manipulated post ZYL giving it's notice.
I'm no lawyer, so again, any other opinions are welcome.
today's the day, page-54
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