We'll firstly i like the bondholders sticking around and further...

We'll firstly i like the bondholders sticking around and further to that, as i noted earlier it's no surprise.
As a bondholder i would have stuck around.
I see this an a known quantity and good for the company.

The details of conversion and redemption laid out are a little too simplistic. If you want the exact details refer to the source deeds.

Why 57c for redemption.
Essentially the bonds need to hit 178k each over 20 days, with some conditions. The initial conversion is US39c (my understanding was 39c, not 38c), therefore if you apply the same logic for increasing the initial bond value, to the redemption bond value required, you hit US58c.
GDO would need to stump up cash and an option redemption notice.

The 58c marker is not an automatic redemption, it's optional and at request of the issuer, GDO.

My take,
Mav