The oppies are freebies on-top of being able to convert the actual notes at 90% of a falling VWAP.
The strike price of the oppies is completely seperate and as irrelevant as the $1 face value of the notes. They'll convert the notes for wayyyyyy less than that. If the share price stays where it is now, they'll get shares at 4.77 cents... They will probably have dumped them before you even know they have converted too.
Ann: AUZ secures $12 million investment from US fund, page-282
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