Ann: Notice of Extraordinary General Meeting/Proxy Form-CM8.AX, page-148

Just working logically thru the scenarios re the JGB purchasing shares at EGM price + 30% premium.
1) If the SP drops/remains suppressed up to 1 August and JGB converts CN to shares > signals a buying op at that prevailing lower market price, as JGB will be purchasing at a 30% premium > with this vote of confidence you'd be a dill to not join JGB in buying in (at a potential 30% discount).
2) If you buy now and the SP goes up and JGB doesn't buy in at the at the EGM, then you've also invested at the potential bottom and are in the money, and CM8 has a supportive CN holder with no dilution.
3) The only potential negative scenario is if the SP remains suppressed up to and beyond 1 August and JGB doesn't convert at the 30% premium. I consider this as unlikely as it would suggest an inability/struggle for CM8 to meet its credit obligations - and suggests that JGB has made a v/bad judgement call and atrocious DD - unlikely but possible.

I think this old nag is backable - for a win or a place.
And, based on my above analysis, I'm hoping that JGB actually does convert its CN at 1 August prices, because it'll give me a clear signal to quickly top-up at a potentially lower price than atm. If JGB does opt in I don't see them down ramping/shorting this baby, against their vested interest.