@equityma You do realise that W23 don't typically hold onto listed equities...
They could have elected to convert later, which means they get paid a coupon from the bond. The last batch of convertibles from W23 in 2020 also got sold quickly..
So this is likely an overhang on the share price until its sold.
Not that this has any impact on the long term earning power (if any) of MMM if you are investing with a long term view... some would call any potential share price weakness a buying opportunity.
Ann: Conversion of A$27m Convertible Notes, page-3
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