Ann: Notice to Noteholders, page-25

https://links.sgx.com/1.0.0/prospectus-circulars/45366 is the prospectus

https://company-announcements.copyright link/asx/nhc/e8890f5e-d961-11eb-a45d-5e430c7562e6.pdf is where it says max shares

If Notes are converted and NHC issues Ordinary Shares, the impact of the conversion would be to reduce NHC’s total liabilities by the principal amount of the Notes converted. The maximum number of Ordinary Shares that may be issued as at the date of this document (prior to adjustment for customary dilutionary events) is 118,512,720 Ordinary Shares.

So, from what i can read from this is, lets say the conversion price is $0, then 118m shares will be issued for free, and the company will have to repay $200m. The $200m is fine, but 10% dilution stings haha

I've asked the company for clarification around this but they didnt reply to me. I guess the T&Cs of these notes are not for mugs like us

Regards