g'day sab8 and guruPlease let me know your thoughts on this ......

g'day sab8 and guru
Please let me know your thoughts on this ... as i see it
if no conditions are met for the note holders their approx 93M notes convert to ordinary shares in 2026 which they have already paid $2.10 for (delta or issue price)
if the conditions of the note are met- in this case :- above 25-35 percent of the delta price- which is $2.52 - $2.83 (conversion price) then the notes convert to ordinary shares
interest ceases and divs as per ordinary share
Interest on a convertible note is payed in shares---so if No notes are converted before 2026-
the TOTAL shares for interest plus the 93M shares must be less than 15% of the issued shares or shareholder approval would have to be given for this deal. i think 13.8% dilution is close .You can do the math at 2.75%...$200M...
Dividends unsure of but previous post suggested divs taken off conversion price ($2.52 ) so 11c div for 5 yrs brings back to $2.10 anyway - so note holders are not getting ordinary share div. If they did get div then the 11c div would turn into 9c for us ltsh
Of the 93M notes issued (not listed) at SSE for $2.10- 55M to overseas and the balance 38M bought by WHSP-this offering very short timeframe and only O/S investors
I'm thinking theres not much in this for noteholders under $2.52 so here's hoping

I think W H SP hedging their $80 million investment in convertible notes has confused the issue at nhc.If they were'nt major shareholders in NHC it would be as normal as to insure an $80M investment