"That would give them a bit over 60% of the combined total of shares and notes."
This assumes Notes are converted at 12c which may happen in due course - and is likely if all goes well - but there are also two other scenarios:
1. Default on terms of Notes in meantime, e.g. NMG running out of cash, which means RSG can call the debt for immediate repayment
2. RSG collects interest and ask for repayment at end of term without converting if share price under 12c then
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