announcement?, page-19

Scottport

as per announcement -

"The notes convert at maturity on a 1:1 basis, but may be converted prior to maturity at the lower of: $0.05 per Share;
or 85% of the previous 10 day volume weighted average price of the Company's shares on ASX calculated from the
date that the Company receives the Conversion Notice."

So -

In other words they could convert in 10 days at 85% of the vwap

So if VWAP was 2.5c they would get more than double the amount of shares they would get at maturity

i.e - 2.5*85% = 2.125c price

At maturity if the SP is say 9c, they get them for 5c


We have a similar facility already in place

Novus cant lose - They either get a big winfall in December, or can bail at a discount at any time