The company would be mad not to pay the interest on the RCPS and allow them to convert when they have the cash flow to fund it. Much smarter to pay $1.35 mil in interest (12% of $11.3 mil) and then repay the $11.3m than give away 25% of the company. that is then $513,000,000 less shares on issue than the fully diluted forecast of 1,884,000, 000 shares. That makes a massive difference to dilution and EPS forecasts.
Lets hope the coal price stays strong!
Ann: Company Update, page-18
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