Permitting, page-73

I mean 1.9 pence. I posted the equation of the equilibrium price. Even the sgrf do not recall the money, they can convert the whole principal at market price. Investor will share the 100m cash with SGRF. If the price is above 1.91 pence, investor will get less than 1.91 pence after dilution.  This type of contract is quit traditional for protecting the debt holder. Simply bebt holder get the principle  if things goes bad after converting their loan. Shareholder get the rest of the money（$5M currently). learn from Finance 101.