Ann: Appendix 3B - Part Conversion of Convertible Security, page-18

Your holding VWAP / no. of shares constant for each scenario, which of course when you drop the sales price by ~70% they lose the return on the cost base of the converted shares. This, however, does not dilute shareholders.

However, you do realise on the other hand there is % instant conversion profit for L1 built into the CN regardless of the value of the share price? It is this conversion discount that hurts shareholders each time a conversion occurs due to the dilution and # of shares awarded. [note: LET'S NOT FORGET IT WAS ANNOUNCED AS 20% PREMIUM]

The way you are looking at it is irrelevant for shareholders % of Xped. However, I'll give you the fact I didn't correctly express myself in that quick response earlier.

I'll put up calc tomorrow as I'm out.

RR