as a back of envelope calc: - currently A$5.15m principal C/N...

as a back of envelope calc:
- currently A$5.15m principal C/N
add capitalised interest at 8% for 1yr = A$5,562,000 (it will be more than that)
at June 30 2022 issued shares were 645.5m
Conversion price for above C/N was at 7.5c
so A$5.562m converts to 74.16m new shares to Colintons (that's conservative)
Therefore total shares on issue 645.5m + 74.16m new shares = 719.66m
so under old C/N Colintons would have:
New shares above = 74.16m
Existing holdings = 79.15m
Total Colintons equity = 153.3m shares or 21.3%.

New C/N
A$7m conv at 3c with capitalised interest at now 12% matures Dec 2025.
Assume int capitalised for 3yrs to Dec 2025 = is $840,000 p/a x 3 = A$2.52m
so end Dec 2025 AJX might owe A$9.52m on C/N

At conversion at now only 3c, Colintons might collect 308.4m new shares !!

Existing total shares on issue = 645.5m plus new conv Colintons shares = 645.5m + 308.4m = 953.9m

so Colintons would have shareholding of existing holding 79.15m + new shares of 308.4m = 387.55m which would be 40.6% of AJX !!!

Is that roughly correct assumptions and calcs ??

Because that is the possible scenario under this new C/N - and is simply not explained in the above ASX release.
Colintons get more than double the shares now, as compared with the previous terms of the C/N.
Interest rate is also up.
Conversion rate from 7.5c per share now down to just 3c per share, with that "option" to convert extended out to Dec 2025.

Happy to hear other views.