Firstly the market tends to dilute (implicitly) for other securities anyway.
What are ANTG:
1m Notes with a 9.5% coupon (Not paying coupon as the dividend on the shares has been suspended).
Conversion terms are - 180 shares in October 2004 based on a face value of $100.
Therefore at $58.00 the implied value of buying 1000 ANTG notes is $58,000 for 180,000 shares - or in ordinary share price terms - $0.322 cents.
Compare this to the $0.43 for the ordinary and voila
11 cents of either profit or at the very least buffer if the ARL price falls between now and Oct 2004.
Or if the ARL share price stays at $0.43 cents then you will make $18,000 off a $58,000 investment. 31% return.
I misunderstood these notes initially but now I am a huge fan.
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