Chart, page-47

Since people are throwing around hypotheticals ... how about Scenario 3 ..

If we assume the full dilution is already priced in to the share price - then seems the best thing for MtK to do would be to convert another 1 billion shares and sit on them (would leave them just below 20%). They would then announce to the market that they have have no further intention of converting any debt and would allow themselves to be paid out on the remainder -- ostensibly allowing the share price to run without threat of dilution. They could then unload these shares at a much later date for much higher than the previous 11.25% and 32.5% that they earned on them. The return would basically be half whatever they sell the shares at a later date -- currently meaning a return of 30% @ 16c.

Of course this carries added risk that RRE prices might not continue higher etc. But I would imagine that there would be rise in the share price with the elimination of the overhanging threat of dilution. It would mean conversion of about half the remaining bonds ($75m).

Just some Sunday arvo hypothesizing ...