Jim, I agree, if I were a bondholder I'd sit on the coupon until dividends exceeded 2.75% secure in the knowledge that I could convert any time inside 3.5yrs @ $1.25. Sweet deal with little execution risk considering the potential upside.
Clearly will dilute existing SH equity around 10% but the US exposure might just offset that in the ST.
There was also something there about them converting and flipping the first $50M tranche to retail investors ST but I haven't had the time to go back to it. Probably a play to recoup a chunk of their outlay quickly and sit on the rest for a while.
US trading tonight will be interesting.
in simple terms..., page-18
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Last
$7.94 |
Change
0.160(2.06%) |
Mkt cap ! $7.421B | |||
| Open | High | Low | Value | Volume |
| $7.82 | $8.07 | $7.78 | $73.44M | 9.256M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 16778 | $7.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.97 | 2500 | 1 |
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| Last trade - 16.10pm 04/11/2024 (20 minute delay) ? |
| LYC (ASX) Chart |