The Notes are convertible at $2.10 in 2026 LESS ANY DIVIDENDS TILL THEN. So in a few weeks time with this half's div, the $2.10 will reduce to $2.03 and so on and so forth.
So if, in 2026, they convert (and with dividends at about 20c py) the conversion price would be below $1.50. $200m divided by $1.50 is a stack of new shares (15% - 20% of new shares). And if there is a special div, or return of capital, or capital raising then the notes conversion price is adjusted downwards even more.
Hence dilution ......
Analyse accordingly.
NHC Price at posting:
$2.50 Sentiment: None Disclosure: Not Held
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