"Peace surely the note issue overhang is not an unknown quantity causing uncertainty. At any given price the conversion can be calculated cant it?"
Yes assuming a deal the size of Janssen is not reached it's a 40% discount + the applicable options attached. But my point is looking at the amount of shares that would equate to and the price they come at is the uncertainty - buying where it is all you know is there is about to be a 40%+ increase in the registry with all of that stock coming in at a 40% discount to market. So while the conversion can be calculated it doesn't reflect the price of that issue and it would be unable to do so favourably until at least that stock is issued. Example say at todays close it points to 170M+ shares at $0.009 so whatever you're paying a whole heap are about to enter the market at a significant discount to that price diluting the registry --- but on the flip side even if the stock price went to that $0.009 level now it wouldn't do anything because the 40% would again be applicable to market price.
It's just frustrating as that wont ever measure an accurate gauge until the conversion is done dusted. I don't know about you but I have no interest in buying stock when I know somebody is going to come in and get them 40% cheaper with options attached in a month or two whilst not only being cheaper it significantly dilutes my investment and the registry.
Just frustrated with this whole shebang until they clear it out
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