Ann: Management Changes, page-31

Hi,
I used to know this prospectus backwards, but not so sure now.
However, pretty sure that an issuer conversion notice can be sent anytime , with the optional distribution being paid in shares.
Conversion to ords may occur 25 days after notice.
My understanding was that the board had the power to do this, without reference to the ords shareholders.
Depends if they have decided to screw over the ords holders or not.
Another option might be that they have enough support among the hybrid holders to pass a resolution to convert for fewer shares than the 5000 that they would be at present, say the 1000 you refer to.
The lack of buyers would suggest going down the gurgler though.

cheers