Ann: Profit Guidance , page-7

I bought in.
Turning a corner.
Need to figure out the convertible notes maturing in 2015/2016....18m shares at 0.12 if fully converted.....That is more the current shares issued (14m)
Con notes conversion will result in 130% dilution ,but will hugely improve the balance sheet.
Hopefully the can pay it off before maturity.
I am valuing WRR as if it has 32m shares....MC at 0.20 around $6-7m
Anyone knows who holds the con notes?