Ann: Conversion of Notes by Sempra , page-2

Well firstly this is dilutionary and it would be nice to have a higher SP for the conversion but that's life.

RBS Sempra holds US$20.05m in five-year, unlisted, convertible redeemable notes that
mature on the 31st of March 2013.
Sempra was only able to exercise this right at the earlier of two years (31 March 2010)
or at the completion of the definitive feasibility study.

For me the fact that they have at the first opportunity decided to convert 5 million into equity indicates that they feel that the SP is likely to only move upwards from here