It not Larry & co who are hedging, it is enforced by note holders to cover 25% risk.
• Jarden intends to sell ordinary shares (the “Delta Placement”) to facilitate some or all of the hedging activity that may be executed in relation to the Notes; the manner of conducting the Delta Placement will be determined by Jarden, in consultation with Zip. The clearing price per Ordinary Share under the Delta Placement will be used as the reference share price for the Notes.
Trust me loud & clear hedging has nothing to with SP going up or down!
Discounted cash flows for next 4 years at that time pointed at $12.4 per share and that why it was the conversion price, note holders are only taking 2.1% interest per annum. However with Spotti & Twisto discounted cash flow position changed so @@SilverTrade will valuate those number once we see them.
$18 to $20 it will go, give it time...take a chill pill!
Chart - Z1P, page-10532
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