Either I’m misunderstanding these convertible notes or you are. According to the announcement on the 11th November
”upon conversion the notes will be physically settled by the issuance of new fully paid ordinary shares in flight centre with an initial conversion price of A$20.04 per ordinary share, subject to adjustment in the manner set out in the terms and conditions of the notes.”
Conversion rights “at any time on it after 41 business days after issuance investors may exercise a right to convert notes into FLT ordinary shares.
These can be converted at any time now.
Huge Upside FLT Valuation Post Convertible Exercise (AGM) / SHORT SQUEEZE DANGER, page-28
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