Bergen - VWAP conversion, page-4

The only people I see who could potentially benefit from a lower SP is the CN holders related to DiaSource as they are involved in the business and may want to convert into equity so the lower the better (but maybe there was a floor in theirs?). This is a consequence rather than by design or they would have taken more equity in the first place. Bergen are always best served if the SP skyrockets in a short space of time as they have a fixed call around 10c (140% of the 20 day VWAP) but they also get to excercise a quick look back option in that if the SP jumps to say 9c they could quickly convert a catch 3 or 4 days of the 5 day VWAP at lower prices. There is no benefit for them if the SP goes lower unless they are busy shorting shares and then it drops and they excercise getting 92% of a lower VWAP.