Ann: Synerject sale - Orbital to receive $25 million in cash, page-15

All notes convert at 40 cents. What the prevailing share price is is irrelevant. Also the expiry in February 2017 of the notes would seem unlikely now as they wouldn't want to be paying the interest on something they could buy back. SP getting held back may get worse as Oec will move up to 90 mil shares on issue pretty shortly if they force conversion.
Interesting to see which way they go as cash conservation has never been a real strong point of Oec and now without synerject, they have two income streams in their real infancy and not likely to be anywhere near where they intended if the notes are converted lots earlier than anticipated.
I would say they would need to gets some good news out on both fronts prior to forcing conversion.