Converting with limited time spent accruing interest is an odd move and points to 1 of 2 possibilities:
Many possibility's as that is relative to one's strategy. I find it extremely odd that they chose this option rather than accumulating over time, wasn't too long ago this was as low as 0.023c surely they didn't make the decision to fund EQR overnight when the share price closed at 0.045c on the announcement of the trading halt, forgive the sarcasm paying a 44% premium to the then share price is unusual to say the least.
Given the premium and the quick conversion there seems to be an urgency to take a position, the question is why did they choose this option? You may be correct 7% doesn't seem to be enough of a return and they expect share price appreciating so are converting to be in a position to take profit. Or they may have another strategy that ultimately will leave them with a larger holding and better cost base, again be interesting to see how this unfolds.
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