TREES2/3 are convertibles worth ~$200m in face value. These convertibles are really debts to GTP and GTP pays a ~9% ($18m) p.a. interest to them.
After a conversion of TREES2/3 to shares, GTP's debts will accordingly be reduced by ~$200m and its net assets will also be increased by the same amount.
So it doesn’t necessarily mean a dilution.
conversion of gtpga and gtpgb, page-7
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