Your 'vanilla' explanation for the conversion is certainly backed up by the fact they waited until after they released the quarterly, gave the market a few days to digest it, and then made the conversion.
But equally interesting is that they did happened the afternoon of such a terrible day for the share price. Could just be a coincidence, or not. Only time will tell.
WA1 Price at posting:
$13.76 Sentiment: Buy Disclosure: Held
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