Ann: Application for quotation of securities - CLZ, page-6

Taking the 20 percent discount to market conversion, the convertible note holders effectively pay one / 9000th of what the pre-consolidation shareholders paid for their shares. Considering they were paid 33 per cent per annum in interest, for many years, on their convertible notes, this is quite a wrought. So the lower the share price, the better it was for note holders.