The investor will be able to convert their convertible bonds...

The investor will be able to convert their convertible bonds into Telix shares at the initial conversion price, which is based on the Delta Placement's clearing price. If we assume the clearing price sets the reference share price, then the investor will indeed have the right to buy Telix shares at a price that reflects this premium (30-35% above the current market price at the time of the Delta Placement)

While the exact share price in 2029 is uncertain and depends on future market conditions, the convertible bonds ensure that the investor can convert them into shares at a price determined by the Delta Placement, which indirectly sets a reference price for future conversions.

In summary, the investor has the option to convert their convertible bonds into Telix shares in 2029 at a price that includes a premium, which is based on the Delta Placement's clearing price. This setup allows the investor to potentially benefit from future increases in Telix's share price while having a predetermined reference point for their conversion decision.