Mea culpa Turbs.
The 15% rule.
The ASX rule is actually ASX Rules - Chapter 7 Rule 4.9 Exception 9.
There is a guidance note that gives this exemption where the notes would not convert at above 15% at the time of issuing (not the time of conversion),
ie $200m / $1.68 = 118.5m shares (see NHC Cleansing announcement of 30 June for 118,512,720 shares).
118.5m shares / 832.3m total shares issued = 14.2%
Therefore the amount raised is close to the maximum it could raise NOT the amount the company actually needs.
If there's an acquisition (eg Mt Arthur), expect more debt/equity to be raised.
Ann: Sale of New Hope Shares & Entry into Long Equity Derivative, page-31
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