technicals, page-33

Agree MacGee.. It is the Call option for Linc as the Writer...

I considered it as a put effect in the analysis to determine the reasonable strike price.

"The non-callable period is 2 years. In better language this means we have the bond holder's money for the next two years and there's jack they can do about it, regardless of the premium the SP trades at in comparison to the bond."

Isn't this a bit of contradiction ?

Clearly the bondholders can convert at anytime. They can trade for cash on the Singaporean market... So what is their li mitation really ???