And as penance for my 'cheeky' chart earlier, here is one that...

And as penance for my 'cheeky' chart earlier, here is one that is a little more constructive.

CN conversions, along with the key announcements relating to the SPP and T1 permitting.


Interesting to note around conversion number 2 that when there is positive news around, demand absorbs conversion selling.. at least to a point. I can only imagine that upward move was ultimately stiffled by CN selling, but it does show that CN conversions are not the end of the world when there are positive announcements flowing.

In other companies I have seen CN selling of many millions of shares while the SP climbs from 4c to 20c over a few months, and I've seen CN selling whittle a SP away to nothing over a few years and the company fold. It really comes down to how a company delivers.. execution and communication.

As others have pointed out, lenders obviously prefer to sell into strength if they can, but if not they will sell anyway. (Our CN agreement has a 12 month expiry on each tranche from the time of draw down and need to be repaid/converted before then)