I (probably like some others) always had the scenario that CN holders may not convert. As others have commented it was a dark time for TSN when the CN was struck.
However, as time rolled on and things seemed to be improving on many levels, I attached less weight to them not converting.
Monday's announcement has made my re-assess that weighting.
Agreed - if Jeff and the others ultimately convert @ 1.1c it will send a strong message. That Jeff could also exercise next year would further add to that and he would have considerable skin in the game (approx $750k). But that's all blue sky.
Why wait? I can see more reasons now, some VOR based and some macro based.
I wouldn't convert until closer to the deadline, as any macro event could happen prior to Xmas and there's still the interest component of the CN to consider.
The more I see the number .0085 pop up the more I think I got some aspects of this wrong.
That may not impact in the longer term, but it could make for interesting times this side of Xmas.
