The lack of transparency with regard to the issue is what...

The lack of transparency with regard to the issue is what concerns me. My take from reading your comments ,keith 200, that governance and maintaining an informed market is not a big issue for you. If you look at Note issues by other companies over past years, and there have not been many, those companies show in their Annual Report , the list of the top twenty note holders.
This is not the case with NHC.
There will be some 118 Million shares issued under this scheme , if the buyback works at around $6 per share, 50,000,000 shares will be cancelled. That suggests by end of buy back and conversions , the total number of shares on issue will be about 882,000,000. If the buyback wasn't implemented the total number of shares on issue after total conversion would rise to 950,870,000 shares and
WHSP Co Limited shareholding would drop from 39.85% to 34.9%.
The first conversion occurred on 6th Sep 2022. One Note -106,746 shares at conversion price 1.8736 per share.
The latest notice 18th November 2022 -25 notes-2,906,469 shares at a conversion price of 1.7203 per shares.
The last such notice of conversion shows 544.5 notes outstanding . Thus 455.5 Notes have converted in last 52 days.
NHC would have issued about 48.3 Millions new shares and received about $87 Million in new equity.