Thanks for that LTI. I asked Brett Farmer (Company Secretary at the MST meeting in Brisbane today) and think I have it clear. So one would have bought the Notes for a set fee, and then later if redeeming notes they will be for a 'variable' number of shares depending on what the 'current' VWAP happens to be at the time of redemption. So there are no unexpected wobblies here - you get the relevant number of current shares that equate to your original Notes outlay. Entirely logical. Good to know, although I am not actually a Note holder!
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