Ann: MOZ - Market Update Q4, page-21

A good insight. The two major holders of the notes hold close to 70% of the notes on issue. If one of them takes the view that the company is on the road to recovery, they might convert sooner rather than later and the other would probably follow. if they think that the company is not out of the woods, they may hold off to protect their holding of the notes which are secured debts but they sit behind the bank and any preferential creditors.
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