I've said it before but i'll stick with it - I can't see anything with the exception of a takeover from leftfield eventuating before the conversion of those CN's - any new announcement prior to this with the exception of a move on control of the company would be wasted imo, very unlikely to find any investors willing to enter right on the edge of those notes converting even with good developments imo. On the flipside as we all despise those notes I think conclusion of that chain around the neck will actually be ironically one of the best events of the year - any new investors or present looking to increase holdings will be able to do so without the uncertainty of how those notes will play out & without the dilution & significant discount cloud overhanging price.
Just my read & I really think the only option is to already account for the dilution - hey at least even after this the company will still remain with less than a billion shares on issue which is better than several others in the sector. Hopefully the company has learnt the lesson with CN structures like that though - never again.
PYC Price at posting:
1.7¢ Sentiment: None Disclosure: Held
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