Ann: Acceptable Owner status granted by NZ Treasury, page-8

After seeing the other thread (which I assume you have also glanced over), I can now say with certainty that no where near 700 million something shares will be issued.

It is likely that absolute worst case, only half 371,636,364 will be converted... and if this is the case, my price target will increase from 18.9 cents (assuming 1.9 billion shares issued) to 26 cents.

Remember that the people with these convertible notes are "sophisticated investors" (eg RIM - not your usual pump and dump in it for the short term only retail holders) who have so far only converted about 22m shares, when they could choose to convert, since April last year, well over a hundred million - they are probably happy to get the coupon rate and have no intention of selling (much) at what is still an undervalued price (of 15 cents a share).

Remember also that the only reason they had to 'bite the bullet' and raise 500m odd RCPS is to show the government they could guarantee secure cash up front funding.

You are right - it is getting exciting now, and I trust you have spent the last week or so getting strapped in like those others who are well informed via this thread on HC.