Ok firstofnovember, so you get the conversion maths but can't...

Ok firstofnovember, so you get the conversion maths but can't understand why the conversion price isn't today's trading price?

It is fairly close if you use yesterday's and today's VWAP (volume weighted price, not closing price), but the actual trading price is always whatever price the buyers and sellers of the day meet at.

The details are very well explained by AussieG4Gold, but human psychology comes into play after a consolidation too. Often the market price drops below the theoretical conversion price, before rebounding. There is no maths to this - it's just human psychology suddenly dealing with higher share prices while being used to seeing lower prices. Doesn't always happen but did today and a patient buyer could have done well 20 minutes after the open. The unusual dynamics at play with White Rock always making the next day's trading very interesting atm.