Simons...
I have to agree with "dargie on this one mate !!
There are unlisted options at $1-22 for employees etc.,, but i don't see them as being linked to the convertable notes in any way..!!
They are a straight face value of $2-00,, for which the holder will be paid 10% interest per year.
As i see it they are on a straight even swap basis, one note for one share,,,Which means that if a holder converts notes to shares then he is effectively paying $2-00 per share...
A holder has the option to convert notes to shares,, at any time,,But converting notes back into money,, can only be done on a reset date..
On the reset date the company can buy back the notes for cash,,, the holder can request cash for the notes,, and the company can adjust the terms of the notes ----WITH the agreement of the noteholders..!!
The next reset date for AZZG is 31st October 2009..
harrison 1, page-26
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