Ann: Appendix 3B - Part Conversion of Convertible Security, page-71

That's correct @Sammy_tic the noteholder IMO still has a parcel of shares from the last round of conversion on Tranche 1B, they are struggling to maintain profit on these ones due to liquidity and bidders calling this round of announcements "bluff". I have shown it as a negative ROI this round because they are still trying to exit (but impossible to know exactly where their trades/orders and final price are).

If you review the trading activity for all the other conversions and the coincidental announcements around these dates it makes some interesting patterns.

RR