Is this...

Is this misleading?:
https://www.copyright link/rear-window/fidelity-sellers-as-oaktree-drinks-blue-sky-blood-20190408-h1daol
from the article:
"If Blue Sky fails to meet even a single one of Oaktree's performance benchmarks (which it now clearly has) for minimum cash at hand, recurring cash earnings, net tangible assets or annual capex, the vulture fund can convert the debt into 30 per cent of Blue Sky's share register. And its stake cannot be diluted. Hey, as CVC and Nine will tell you, these guys live by the mantra "eat what you kill". "
I thought: a default could be issued on a breach of covenant. The debt can be converted at any time to the agreed price and conversion at a lower price would require shareholder approval. Maybe the non dilution clause was in anticipation of the conversion going ahead AND a capital raising happening.