The dilution issue is an interesting one. If there is a complete exchange of debt for shares then the outstanding shares would double. however this would also theoretically immediately half the share price. So if the stock is trading at 20c and then you issue another 3 billion shares then the price should fall to 10c because of the dilution which would out the previous debt holders with no gain. Of course it would also become debt free so there would be an uptick in the share price but no idea how to factor that in.
Lynas also says there are restrictions in any company immediately taking a 20% position in the company which should limit any massive trade off debt for stock.
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