just got out, page-28

The only lender able to convert in the next few months(Ya Global once called Cornell ) is unlikely to do so when the shareprice is low.
The conversion price is 17.5 cents
IMO the last time Ya Global converted was when the SP was about 28cents at the moment they are getting the interst payments so why convert at 17.5 and then sell them it would drive the price down and they would lose money
Much better to wait until price is higher perhaps around 27 as before
Hopefully ADY will have paid the loan back before it is worth converting the existing loan. The newer converting notes need shareholder approval and the same applies ADY will have other money available to pay them off before they are able to be converted