The way I see it is that GGPhas 60 days before the note holders...

The way I see it is that GGPhas 60 days before the note holders have their first chance to convert. So at that time if the shareprice is under 5c then it will be 15% discount on a 10day vwap.

If less than 5c and if the vwap means that the shares are outside (more than) of the 15% and therefore a meenting is to be held to approve. If the SH vote it down the company then has to seek alternative finance to payout the con notes.

So GGP has $2.1m to play with for 60days and I believe GGP have a preaty good idea that the next 60days would have the SP at a point where the SH dont really care as they will be happy with their 5c+ per share.