bond holders staying put, page-5

Goldenspring. From reading the announcement today, it appears that bondholders can only convert to shares in December 2012 (ie. during the conversion period). However, if the shares are 50% above the conversion price, then GDO has the option of paying out all (not some) of the bondholders in cash. Hopefully by then we will have accrued enough cash to pay them out as I believe the share price will definitely be more than 50% higher than the conversion price by then.