Ann: Sale of New Hope Shares & Entry into Long Equity Derivative, page-43

Thanks again to all for the contributions.

I think we are getting close to calling that the tipping point is somewhere in the 12cpa - 16cpa dividend level.
Above these levels the noteholders are over-rewarded.

As to capital reconstruction in the Noteholder Circular, there is a firm to be appointed to be the "Calculating Agent" who will undertake the analysis in the case of dividends, buybacks share placements, splits, consolidations, options, rights issues, non-share offers, change of control, etc. Each has a few pages in the document with complex calculations attached. I have not analysed these, but I think that the lawyers will have ensured that the returns/rights to the noteholders would not be reduced in these circumstances.

So although any corporate action (eg buyback) is NOT restricted, it will affect the conversion price.