If that type of logic were to stack up, then in order to make exercising the bond conversion a worthwhile option, they would have to let the sp rise above 10c, otherwise they would be biting off their nose to spite their face. Assuming they intend to continue to depress the price, by heavily shorting, then this dilution scenario would not play out as you say.
Ann: Amendments to Debt Facilities-LYC.AX, page-13
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