Are the Big 4 doing SDL a favour?, page-21

Everyone seems to be forgetting that these convertible notes can be redeemed, albeit at a premium of I think 30% over face value.

Soooooooo, if the finance does get up, then one would imagine that some if not all of these Notes will be paid out from the $4.5bn capex. Don't forget the money which is being spent right now is part of the Capex spend (which as I understood it, includes a working capital element), including site works and administration etc.

I agree its not a good look that we are hocking the company for $0.10 a share, but there is the ability to redeem these notes in the future, and that's what I imagine will be in the tea leaves.

Just my opinion.

HB