Convertible Notes, page-2

I would encourage you to look at other threads, as I have noted:

A placement of unsecured convertible notes (Convertible Notes) for an amount of A$7.5m was
undertaken to institutional and sophisticated investors at an amount of A$0.0375 per share
– Features include a 4 year term and a coupon of 8% per annum, convertible into ordinary shares in
– Redeemable for the issue price (A$1,000) plus any accrued and unpaid interest
= up to 200,000,000 shares any time between now and expiry being 01-Feb-21

Thoughts: I believe it is the note holders (not BRL) who chooses to convert them anytime between next month and 01 Feb 2021 - this means there may not be 200 million shares dumped on the market all at once.  No conflict of interest that the directors hold some - most already own ordinary shares outright anyway.

Convertible Note issue announced back on 19 April 2016 to Republic Investment Management Pte Ltd (RIM), details:
Principal – AUD$4.25m
Conversion price – AUD$0.022 per share
Coupon – 8%p.a. (payable semi-annually).
Maturity date – 3 years on anniversary of the issue date.
= up to 171,636,364 shares any time between now and expiry being 22-Jul-19 (21,545,454 shares have already been converted - the note holder can chose to convert them and when)

Thoughts: RIM has, perhaps smartly, has not dumped there 200m odd shares on the market all at once - the note holders above, of which RIM could be part of, will likely not do the same (I would like to think - being sophisticated investors) and may be happy to keep receiving their coupon rate for as long as possible (till expiry) rather than paper gains (I don't think they get the coupon if they convert)