NHC 2.22% $5.06 new hope corporation limited

My theory. It is also the capital returns. I recall some hedging...

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    My theory. It is also the capital returns. I recall some hedging when they were set up. As these notes have converted, the shorts have come down (don't need hedges anymore). So the banks providing the hedging have probably made out like bandits. The earlier noteholders convert, the more capital upside.
 
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