As I recall, there are two situationssituation one - MST can...

As I recall, there are two situations

situation one - MST can redeem the notes at face value - Harmony can then convert into shares according to a formula which relates the conversion to the sp prevailing at the time of redemption, but capped at the top end - if it gets above (I think) 15.5c per share they can redeem at that price.

Situation two - MST defaults and cannot redeem at the time redemption is due - then Harmony effectively gets sufficient shares to get majority control of the coy and through that the IP held by the coy.

IMO all this cos it all happened quire some time ago.

When the notes became non interest bearing there were some additional lollies put into the deal at that time. PNG Ports is the biggest holder of the interest bearing notes - terms unknown.

Hope that helps