I have been trying to go back through the ASX announcements, to find out about the ARW Convertible notes which were issued in 2011 as part of the consideration for the acquisition of BPL.
In the 2015 Annual report it says, "-----but if converted on maturity date the conversion price is the VWAP for 3 months prior to the maturity date less 10%"
What I am unsure of, is this; If ARW in Nov 2016 says here is the $14 million which we have obtained to pay of the debt, can the note holders say, "No, No, No, at this share price we will take the shares, or even say we will take half in shares and half in cash" ?
Can anyone throw some light on this issue?
TEK Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
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