Yes been there done that a couple of times now; take a look at INT as one classic example. I think the discount was 15% so the note holder had a big incentive to convert to shares and then sell the shares no matter what the price of the shares were. It was a great example of the death spiral and very costly to shareholders.
I'm going to wait until I see the details of the note issue before deciding whether to make an investment in RFX.
Ann: Response to ASX Appendix 4C Query, page-63
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