Ideally (from a shareholders perspective) with the current situation, the bonds would be redeemed rather than converted. Particularly given the $0.49 conversion rate. That said, there's more to it than shareholders interests. Though I see a HUGE benefit to Managements market credibility (which would be reflected in SP) if they did redeem, in reality chance of redemption is slim to none. It's a big call to burn your bond holders...
Ann: 2021 Notice of Meeting, page-5
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