I'm assuming they'll let them go for 18.5 - 19.0 - 19.5cents. That will then become the new floor. After distribution to new holders the market will then push the Sp higher, then we'll go through the exercise again.
What I also find interesting is at one stage today the ARU Sp was up by 50% - in a week.
Ann: Partial Conversion of Convertible Bonds, page-43
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