Yep, our "market" allows for selling any time .... Noteholders need to find a buyer, and then negotiate a price (unless the bookrunner wants to step up at a reasonable price for those noteholders) That should be acknowledged as a positive for shareholders.
As to the point that conversion can not happen anytime before 2026, that's not correct. Per the Offering Circular - Conversion can occur anytime after 12 August 2021. Also, as an example, Webjet made a similar offering in July 2020 with conversion possible from July 2021. Some notes were converted in April 2021 after WEB made super-early redemption available to the noteholders.
Of course, conversion can take a month to administratively process, so any immediate reaction (ie conversion) is out of the question for noteholders.
NHC Price at posting:
$1.84 Sentiment: None Disclosure: Held
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