You are correct - Stupid CN holders with the last 125m should have converted ages ago when they were getting 5 shares for 1.
No point converting now which is an added bonus to the ordinary shareholders.
Remeber the options and the notes were only issued in November last year as part of a $12.9m capital raising. Someone expects them to be worth over 10 cents to take the notes as an incentive to buy the CN. Maybe the something is starting to happen now.
I for one are hanging in there to see how this one pans out.
AFS
BDL Price at posting:
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