Ann: Conversion of Redeemable Convertible Preference Shares, page-79

This is a very good point.
The SH notices will be very interesting next week including the directors new holdings.
Just a message for those who say it was obvious this was going to happen.
What a load of sheet........never in a million years would I have thought the directors would sell 25% of the company with a market worth of $240m (that's 1.9b shares x o.13 cps) for $11.6m.....one of the worst cases of corporate greed and injustice I have ever seen.
That does not include another 10% of the company they sold for $7.5m via not paying down the convertible notes under the 10 days notice with a conversion rate of 3.75 cps.
So a $240m company which the directors have just sold 35% to themselves and their mates for $19m.....that is rotten business and smells of corruption.
No wonder they turned down other offers.