it's elders time, page-20

look at page 39 of the prospectus at http://investor.elders.com.au/assets/documents/hybrid_PDF_2.pdf


7.1 Conversion Number
The number of Ordinary Shares to be issued for each Hybrid which is Converted on a Realisation Date is calculated in accordance with the following formula:
Conversion Number = RA VWAP × (1 - DF )
where:
7.2
RA is the Realisation Amount for the Hybrid; and DF is the Discount Factor; and VWAP is VWAP for the period of 20 Business Days immediately preceding the Realisation Date for the Hybrid.
Adjustments for takeover or scheme of arrangement
If a Hybrid is Converted pursuant to: (a) an Issuer Realisation Notice given in respect of an Acquisition Event; or (b) a Holder Request given in respect of a Trigger Event under clause 5.1(b) or clause 5.1(c), (each a Relevant Event), then the denominator in the formula in clause 7.1 for the Hybrid is equal to the lesser of:
(i) 97.5% of the offer price under the takeover bid or the consideration under the scheme of arrangement the subject of the Relevant Event; and
(ii) the VWAP (expressed as a dollar value) calculated in respect of the period of 20 Business Days on which trading in Ordinary Shares took place immediately preceding (but excluding) the announcement of the takeover bid or the scheme of arrangement the subject of the Relevant Event, plus 50% of the amount calculated by subtracting that VWAP from the offer price under the takeover bid or the consideration under the scheme of arrangement the subject of the Relevant Event.