Why on earth would they spend 23c instead of 8c for a share on market? Hell, why would you convert prior to expiry (or your plan to sell the stock) even if the SP was 50c?
Sounds a bit like a dum dum move to me.
FWIW they had advice that SP was likely to run to >50c on declaration of a discovery and didn't convert (probably because it's a particularly dumb thing to do).
IVZ Share Price, page-22350
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