Ann: Clean TeQ Convertible Note Holders Convert All Notes Early, page-18

I missed an important one:

e) they might be worried the company is intending to repay the notes early and that they would therefore get less back than they do on conversion.

That one sounds good and would stack up if the company was about to receive a large sum licensing fee or some such. However, it's not clear to me whether the company has the right of early redemption, as it's not specifically stated in the notice I'm looking at.

Mulling it, and taking into account the recent Nippon Gas Shares, I'm thinking it's a control issue and they want to make sure they have sufficient combined voting power to protect their patch.