KPKG - I honestly think they were short-sighted here and where overly enthusiastic in other events occurring since the time the CN was issued, I don't think they really saw it coming down like this into conversion - they assumed it would be less dilutive than raising at market price at the time ? - or maybe the heavy discounts were just there in case it did play this way ? I think from the point it was first issued pretty much anyone could see the way it could play it if it pineappled & considering how off track meeting guidance had been over the year or two proceeding it was a big pressure they put on themselves, or maybe ability to source capital as a result of all the missed guidance had become much more difficult requiring to really price in the fact that it again might not be met ? Who knows a lot of question marks I think the only thing that can be seen as somewhat more reassuring (if anything) is at least a large part of it has gone to the Hockings Family already the companies largest shareholder.
To answer your last question "Why would anyone expose themselves to this situation" - who knows. I think everyone would ask the same question.
PYC Price at posting:
1.7¢ Sentiment: None Disclosure: Held
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