Given the large value of con notes on issue, which convert at 2c/share (post-consol) I'd expect heavy downward pressure on the price. Noting that 115 x the current share price is 11.5c, it is a big drop to the convertible note pricing.
If all the convertible note holders converted they would end up with 150m shares, against the 30m (16%) held post-consolidation by existing shareholders. This is a heavily dilutionary raising for existing shareholders.
Ann: Notice of Annual General Meeting, page-5
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