I agree with you DD, in my opinion I think the tap has been turned off and with the spectre of trading while insolvent hanging over the directors PO has become his own lender of last resort.
As far as the conversion price goes in my opinion this has been driven by the other substantial holders. This still needs shareholder approval and given PO can't vote his own holdings I suspect it would have been hard to get it over the line if PO had tried to get more favourable terms for himself.
Applying this against any probable material news about deals, partnerships or takeovers is also problematic. ASX and ASIC will have plenty of questions if a rabbit jumps out of NOR's hat anytime soon.
NOR Price at posting:
2.1¢ Sentiment: Sell Disclosure: Not Held
