I'm in commercial finance so think I can comment with experience on this.
If the conversion was at or near the current price I would agree with you but given it is at such a premium I think this is an excellent outcome.
The note holders are basically convinced the price will be higher than 3.5c in 12 months time. The coupon rate is not excessive in the current market and the fact the notes are unsecured further gives reasonable opinion that the holders are convinced there is capital upside.
Would be nice to get an update from the company as to the progress (or lack thereof) of each of the projects.
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