Ann: Acceptable Owner status granted by NZ Treasury, page-9

Given that there is vitually no chance of dividends short term I would be surprised if we see a rush of conversions that some are predicting unless the share price absolutely goes bananas to well above intrinsic value or the coal price tanks. As long as things are looking good why wouldn't coupon holders keep collecting their interest payments? There is plenty of time for them to convert down the track. Given most of the convertibles are held by substantial shareholders anyway we may not get the rush to the exits that some were predicting. Nice to see the market beginning to take interest after many years of patience. Still a long way to go before I am getting too excited though.