They could change their conversion strategy of the remaining Tranche 1B (particularly if the re-purchase of the Tranche 1A goes ahead) and convert the remaining 60M shares (as I think they still have around $600K) at 1c and double their money if they think it's a good chance the pps would get back to 2c or higher.....it's a slim chance but possible.
Ann: Appendix 3B - Part Conversion of Convertible Security, page-73
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