Ferrymanau...the company can't touch us if we just sit and wait for the maturity date...which is what I am hoping to do. That way I can turn 22 cents into 74 cents (including the interest) inside 18 months...provided the company survives!
And in a winding up the company has to redeem the notes so that means getting cash...if there is any left after secured creditors have been paid. We rank with unsecured but before ord shareholders.
The query is at the point where the company can convert and this situation could be triggered by a takeover. I'd hate the company to be able to convert at 4 notes to 1 share...and particularly if the takeover offer was less than 88 cents which would be my break even point.
There's still a doubt there so I will send a message to the coy secretary at some point today.
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