My understanding of this is the earliest AusSuper can elect to convert these shares is 17 May 2025, being 3.5 year after the drawdown (might actually be a few days after that, 17th was the date of the deed.
Which won't be great for the SP given we'll still be a while away from generating income. Best we could probably hope for is a SP in the 40s, but this will still be a lot of shares with another 18 months of interest to come. So... face value of $300m?
Convertable notes, page-3
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