They will try and get as much as possible off market, then if...

They will try and get as much as possible off market, then if they are at 83% just convert the notes and move to 90%.

I think if they can get to 75% + without the conversion they can convert the notes up to 82% and then slowing take up the rest on market via the creep provisions over the next 2 years.

But they would much prefer to move to 100% quickly imo.