Correction to my above posts: The opportunities to convert are limited in the initial notice and a bit vague in the Chairman's letter ("anytime"). https://hotcopper.com.au/threads/ann-long-term-capital-investment-by-oaktree.4465424/https://hotcopper.com.au/threads/ann-chairmans-letter.4495149/ Also Exit event's and annual/1/2 annual reports +30 days are not covenant breaches and don't seem likely. Most of all why would Oaktree convert at $1.87 when they could just trickle buy under $1(see the current share price!) just for the non dilution? A capital raising would be: ((nearly $1 more on the balance sheet for every $1 raised) plus derisking) and market cap is currently: (below NTA with risk of NTA decline).