Yes - the $85m notes are still out there. Given that AED is paying only 6.5% on these notes and they don't convert till 2012 it would have been unusual to have paid them out now and reduce the amount of cash available for further corporate intiatives. There has been nothing said by AED that suggests they ever intended to pay them out so I don't know why there is any confusion.
What's your point about "very dilute" Sydneyguy? I don't understand what you are trying to say here. Yes there will be dilution when/if the notes convert, but there won't be many intelligent punters who haven't already factored this into their valuation. Its hardly new.
Cheers
Zinc
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