questions for the investor briefing evening , page-4

The maximum conversion price for SpringTree notes is approx. 7.3c. The problem will be, IF SpringTree attempt to push the price down prior to each monthly instalment of shares as they will be getting approx. 9.6mill shares per month as a BEST case scenario for PRR shareholders. As for whether they have to notify the ASX once they go over 5%, well the possible loophole there is to just transfer shares to the shareholders/financers of SpringTree, thereby getting them out of SpringTree's name, and then the rules about substantial holding get a little more hazy.
I hope that the PRR management continue to look for other finance options and I also hope, that approx. 2 years down the track that PRR shareholders vote against allowing SpringTree to take more than a 20% shareholding.