You are right, but with repesct to all noteholders, not just Toho - they were just one of many noteholders, plus there had to be agreement with the noteholders as to the conversion price with the new combined entity, which I understand from the announcements from PEM & CBH this was never agreed.
If I recall the announcements from CBH & PEM correctly, it was stated that the noteholders indicated that they would not approve the scheme - they probably wish they could go back and reconsider that decision.
But its all academic in any event, if you held a note in a company trading at around $0.085, but convertible at (I think) around $0.65 and a suiter wanted to take greater than 50% interest in the company, why would you agree to anything other than full repayment as is required under the terms of the note? Surely this would be your only chance of getting anything like full value for your loan. Conversion at any price in CBH's current position would see significant further dilution, and thus, significant devaluation for us CBH shareholders, so it looks pretty gloomy for us at the moment.
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