Ann: Results of Meeting, page-72

I think the VWAP/conversion price is calculated at the time of conversion rather than at the issue date, but the guys are right.. its 20 trading days, and it looks like the push down to 4.8c just scrapes in for 20 trading days prior to the 21st Sept.

Given there have been no days under 5c since, my guess is they will convert both tranches straight away to take advantage of the 4.8c opportunity. Once they convert to shares, they are free to sell at will.

I think its likely they will sell some of it straight away and take some of their exposure off the table. Since they put the effort into coming out to review the inventory etc, Im guessing they intend to hold part of it to sell after the auction.