At first I thought your numbers were wrong but then I picked up that the AIS annual report has their share count wrong in a key section, they report 1.4billion shares on issue instead of 140 million.
In the event of a significant strike at Torrens, you would think the preference shares would get converted. The redemption value of the redeemable preference shares is $US40m, I don't think AIS will have that kind of free cash within the next year unless they do a capital raising or copper goes through the roof. In the event of a capital raising, which you would expect if the share price was much higher, the CRPS holder may decide to convert to pre-empt the redemption.
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