Just been doing a few calculations. Yesterday there were 49,449 AVR shares traded for a value of $732,565 which equates to a VWAP of $14.82. Suppose the notes were due for redemption now Mercer would be faced with a decision to redeem the notes for face value of $1.62m or convert them and receive 121,498 shares with a market value of $1.845m. My expectation is for a decline in the share price up to the conversion date and then an upward trend after that. I have been wrong before (on many occasions) so will be interested to see how it plays out.
AVR Price at posting:
$15.56 Sentiment: Buy Disclosure: Held
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