For the record I got a reply back from the company. While I won't go and cut and paste the response on here, as I think that is not appropriate I was pleased I got a reply.
While I still disagree with the decision, my takeaway (this is not their quote just my interpretation) was they were never going to not convert the RCPS, and although technically they could have, they believe it would have been dishonourable and not in the spirit of the agreement they made to the lending syndicate at the time.
I can accept that. Although I would have probably done differently. I'm comfortable the wrong decision was made for the right reason and not greed.
I'm holding as I have been since spotted Kiwi's and snails were a problem and will re-assess at closer to fair value.
Pleased the market is orderly this morning
Ann: Conversion of Redeemable Convertible Preference Shares, page-116
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