article from crikey, page-23

I agree that will be the case if equity issued at 20cents. I don't think Centro will issue equity at 20cents, else it would have accepted many more proposals. We don't know what conditions they will have hybrid debt equity swap. My guess is that it would be for at least 50-60Cents range. They might issue these securities only for part of debt so that banks are comfortable with gearing levels. hence I would say if they convert 1b at 50 cents , that would only doble the shares on issue.