It is clear.... the "option" is all about the timing of the matter of the conversion ...."anytime after 60 days..." and then even says "into fully paid ordinary shares in Hastings.
It doesn't say anything other than that.
What a lengthy post by you on something you have no real interest in (..or do you ?????)
...redemption for cash because it is self-evident. <- plain old BS ... again.!
No need to be rude either.
HASR, page-15
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