I've been on holidays and didn't look at the announcements until...

I've been on holidays and didn't look at the announcements until yesterday. Rather than analyse this convertible note raising myself there are some very clever people on this thread who have analysed it including yourself, madamswer and a couple of others, so I think I basically understand it.

However, I'd like to clarify whether what you have said is correct, that all dividends will come off the $2.10. Other similar deals I've seen in the past usually have reference to some sort of basic dividend rate, above which dividends will come off the conversion price, which would obviously be preferable for us equity holders compared to what you are saying. If that's not the case and all dividends come off the $2.10 then this raising isn't too flash, they may as well have done an equity raising. I doubt it, but haven't read the documents so you may be right. Are you sure, any others that have read the documents want to weigh in on this? I suppose they could not pay dividends for the 5 years to avoid reducing the conversion price if it is the case, although I do like receiving some dividend cashflow I'd rather not be diluted excessively.