Conversion of the notes has diluted existing shareholdings:...

Conversion of the notes has diluted existing shareholdings: there are now 46% more shares on issue than there were at the end of the financial year. There are still >$20m of convertible notes outstanding. At a 30 cent conversion price-higher than the conversions to date-the number of shares will be more than twice that at 30 June. Same company, more shares on issue, lower value per share. .Stands to reason. DYOR