buys convertible notes, page-9

I guess it's the interest payment that they're saving on. However, that still doesn't add up. Correct me if I'm wrong, each note is convertable for 6 ordinary shares, which values each one at 17 c/p, as per the last sale price. Discount this by 10% due to the saving on interest. Now I'm fairly sure that they are up for conversion next year therefore that is the total interest payable. Henec DRA are buying their own stock at 15.5c. Almost double the current price! I maybe wrong about the conversion date, but even if it's 2 years it's still a substantial premium.